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

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

But some of the biggest battles in the universe are fueled by game companies based in the East Midlands town, 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 center, is Games Workshop, owner of the Warhammer franchise and the world’s largest manufacturer of miniature battle figures.

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

Other companies that have settled in the area include The Assault Group, Mantic Games, and Wargames Foundry.

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

While many 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 aficionados include Superman actor Henry Cavill, musician Ed Sheeran, and Secretary of State James Cleverly.

Pumping out thousands of miniature warriors is a profitable business. Games Workshop itself made a profit of £170.6 million in its latest annual results on a record turnover of over £445 million.

Fan: Superman actor Henry Cavill

The FTSE 250 company has been listed in London for nearly three decades. The share price has been in a slump since 2017 and exploded during the pandemic as new customers took up the hobby in a bid to escape the boredom of lockdown.

The stock hit an all-time high of £123 in September 2021 and, despite a steep fall in 2022, regained most of its lost ground.

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

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

The company originally made wooden boards for traditional games, including backgammon, and later imported copies of the American fantasy role-playing game Dungeons & Dragons.

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

Such is the popularity of Warhammer that many enthusiasts from around the world make a pilgrimage to the company’s headquarters, which is also home to the Warhammer World Visitor Center.

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

Charles Hall, an analyst at city brokerage firm Peel Hunt, said that while Warhammer had started life as a “super niche hobby,” its appeal had widened in recent years, aided by the success of medieval fantasy series, including Game of Thrones and Netflix’s The Witcher.

In a report this month, Hall said, “In addition, there has been a significant increase in interest in table games, especially games that are immersive and strategic.”

The companies that make up the wider ‘Lead Belt’ account for around 90 per cent of the UK wargaming miniatures market. Many support companies are located nearby.