Hornby didn't buy Lima because it thought their products were good, or for the British outline range. They bought Lima for the European brands that the company owned - Rivarossi, Lima, Jouef and Arnold .
The reason being that Hornby needed to diversify and spread its risk into other markets, rather than rely on the relatively small UK market for its model train business.
Those brands have been re-launched, along with others that Hornby have also acquired, with mostly new products
Lima had gone bankrupt because its many of its products were poor and falling behind the competition, plus its Italian manufacturing cost base was too high.
Hornby snapped up the remains of the defunct company, closed down its factory and other facilities and moved production to subcontractors in China.
They even said at the time that there was no intention of re-introducing any of the former Lima UK range. However calls for the return of some of the Lima UK models (not available in modern form from other manufacturers at the time) led to Hornby changing their mind. Gradually more ex-Lima models have been re-introduced.
The ex-Lima Hornby (some times referred to as Limby) models have benefited from cheap Chinese motor upgrades from the original awful Lima pancake mechanisms. There have been a number of other modifications to various models too and all have benefitted from better paint jobs (even if full of errors on certain releases).
Some of the ex-Lima stuff is only fit for the Railroad range, as the quality falls way short of modern standards. Although Hornby have released items under the Railroad brand, they have also placed certain items in the main Hornby range when it really be in the cheaper Railroad range.
Are old Lima models any good?
Well, it's a matter of opinion, but most fall well short of modern standards, in both quality and detail.
Running can be very poor from the cr*p mechanisms, although with a bit of fettling a half decent performance can be obtained, especially with DCC fitted. However a really bad runner may be a dead loss and nothing can improve it short of re-motoring and possibly replacing the gear mechanism.
Re-motoring can be carried out by a variety of means (e.g. ModelTorque replacement motors), but is it just throwing good money after bad?
Accuracy is another important area where a lot of the models fall down; both in shape and the level and quality of fine detail. Moulded handrails, painted imitation lights and painted on detail just doesn't cut the mustard 15+ years on.
On the plus side, old Lima models should be very cheap. Don't pay silly prices for them as they are not worth it. They can also be an excellent source of material for kit bashing and learning the ropes with heavy modification or re-spraying. Something that the in-experienced would be ill advised to try on a £100 model.
Just watch out for the absolute duffers like the Lima Class 55 Deltic.
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