Nottingham – home of Warhammer – is now the global capital of war gaming

‘Lead belt’: Some of the universe’s largest battles are fuelled by games companies based in Nottingham

When it comes to mythical conflicts, Nottingham is associated with Robin Hood and the wicked sheriff rather than with legions of orcs and goblins.

But some of the universe’s largest battles are fuelled by games companies based in the East Midlands city, in an area known as the ‘Lead Belt’ – a reference to the casting of model soldiers in lead alloy.

The largest of the firms, headquartered in an industrial estate not far from the city centre, is Games Workshop, owner of the Warhammer franchise and the world’s largest manufacturer of miniature battle figures.

Since its inception in the 1970s, the firm has grown into a global behemoth and its former employees have spawned several smaller companies that collectively employ more than 2,600 people and contribute millions of pounds to the British economy.

Other companies to have set up shop in the area include The Assault Group, Mantic Games and Wargames Foundry.

Another, Warlord Games, makes a series called Bolt Action which it boasts is one of the world’s leading Second World War wargames.

While many would dismiss the pastime of sending hand-painted miniatures of fantastical creatures into battle as the preserve of children and maladjusted men in dimly lit basements, Warhammer has legions of devoted fans around the world.

Famous enthusiasts include Superman actor Henry Cavill, musician Ed Sheeran and Foreign Secretary James Cleverly.

Pumping out thousands of miniature warriors is a profitable business. Games Workshop itself raked in profits of £170.6 million in its latest annual results on the back of record sales of over £445 million.

Enthusiast: Superman actor Henry Cavill

The FTSE 250 firm has been listed in London for nearly three decades. The share price has been on a tear since 2017 and exploded during the pandemic when new customers took up the hobby in a attempt to escape the boredom of lockdown.

The stock topped out at a record high of £123 in September 2021 and, despite a steep drop in 2022, regained most of its lost ground. 

Shares are currently changing hands at £116, giving the firm a market cap of £3.7 billion. That is the same value as easyJet and more than Mike Ashley’s retail empire Frasers Group.

Games Workshop is as British as they come. It was founded in 1975 in London by game designers John Peake, Ian Livingstone and Steve Jackson.

The firm originally made wooden boards for traditional games including backgammon and later imported copies of the US fantasy role-playing game Dungeons & Dragons.

It struck gold in 1983 with the launch of Warhammer Fantasy and achieved success again four years later with its sci-fi-inspired counterpart Warhammer 40,000. It relocated to Nottingham from London in 1997.

Such is Warhammer’s popularity that many enthusiasts from around the world embark on a pilgrimage to the company’s headquarters, which includes the Warhammer World visitor centre.

The boom in business has also provided Games Workshop with a lucrative intellectual property portfolio. The firm last year signed a deal with Amazon’s TV production arm to bring a Warhammer-inspired series to screens.

Charles Hall, analyst at City broker Peel Hunt, said that while Warhammer had begun life as a ‘super niche hobby’, its mainstream appeal had broadened in recent years, helped by the success of medieval fantasy series including Game of Thrones and Netflix’s The Witcher.

In a report this month, Hall said: ‘Additionally, there has been a material increase in interest in tabletop games, particularly those that are immersive and strategic.’

The companies that make up the wider ‘Lead Belt’ account for about 90 per cent of the British wargaming miniatures market. Many supporting businesses are located nearby.