Warlord Games

What Warlord Games does

Warlord Games Limited is a Nottingham, UK-based designer, manufacturer, and distributor of 28mm scale tabletop miniature wargames, operating as a private limited company since 2008 with 11-50 employees. The company builds a portfolio of proprietary game systems spanning more than 4,500 years of military history, including Bolt Action (WWII, currently in third edition), Black Powder (1701-1871 massed combat), Hail Caesar (ancient and medieval), Pike & Shotte (16th-17th century), Blood Red Skies (WWII aerial), Victory at Sea and Cruel Seas (WWII naval), Black Seas (Age of Sail naval), SPQR (Roman skirmish), Warlords of Erehwon (fantasy), Beyond the Gates of Antares (science fiction by Warhammer 40,000 creator Rick Priestley), and Konflikt '47 (alternate-history WWII). It also distributes inbound-licensed ranges based on 2000AD (Judge Dredd, Sláine, Strontium Dog) from Rebellion A/S and Doctor Who from the BBC, alongside hobby supplies (Army Painter wet palettes, Speedpaint sets, brushes) and gaming accessories.

The company sells through three regional direct-to-consumer e-commerce stores (UK, Europe, US/International), a dedicated retail trade hub, and a stockist-located partner network, with marketing driven by content (blog, YouTube, painting guides), social media, an active forum of 8,329 registered users, monthly Soldier of Fortune magazine content, and convention participation (Salute). Revenue is generated through unit pricing on miniatures (£6-£37 individual/box, £23-£475 bundles), one-time purchases of rulebooks and supplements (£38 Bolt Action 3rd Edition rulebook), Army Painter hobby consumables, and tournament/event tickets (£20). Pricing is in GBP with free UK shipping over £50. In July 2023, Hornby PLC acquired a 25% minority stake for approximately £1.25-1.3 million (implying roughly £5 million total valuation), with options for Hornby to acquire a majority stake within two years, and the company maintains inbound licensing relationships with BBC and Rebellion A/S plus outbound licensing of its Black Seas engine to Mantic Games.

Name

Warlord Games

Legal name

Warlord Games Limited

Website

https://warlordgames.com

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

11–50 employees

Short description

Warlord Games Limited is a Nottingham, UK-based manufacturer and distributor of 28mm scale historical and science fiction tabletop miniature wargames, selling proprietary systems (Bolt Action, Black Powder, Hail Caesar, and others) plus licensed 2000AD and Doctor Who ranges through regional web stores and a retail partner network to hobbyist consumers.

Ownership category

akta.pro rank

Product category

Tabletop Wargaming Miniatures

NAICS

Doll, Toy, and Game Manufacturing (33993), Hobby, Toy, and Game Retailers (45912), Toy and Hobby Goods and Supplies Merchant Wholesalers (423920)

SIC

Games, Toys & Children's Vehicles (No Dolls & Bicycles) (3944), Retail-Hobby, Toy & Game Shops (5945)

akta.pro primary industry

Wargaming Miniatures (Tabletop Armies) (CRALAKAC)

akta.pro secondary industries

Tabletop RPG Miniatures & Terrain (CRALAKAD), Hobby Games & Miniatures Retail (Tabletop RPGs, Wargaming) (CRALAFAH), Miniatures Games & Tabletop Skirmish Games Retail (CRALALAH), Miniature Gaming Accessories (Dice, Mats, Tokens, Measuring Tools) (CRALAKAL)

Keywords

• Tabletop wargames
• Historical miniatures
• Plastic figure manufacturing
• Science fiction wargaming
• Hobby gaming supplies

Headquarters

HQ city

Nottingham

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Physical Miniatures Sales: Core revenue from sale of 28mm scale plastic miniatures for various game systems including Bolt Action, Black Powder, Hail Caesar, and others. Products include army boxes, individual figures, vehicles, and terrain.
2. Rulebooks and Publications: Sale of rulebooks, campaign books, and game supplements. Products include core rulebooks, army codexes, scenario books, and historical reference materials.
3. Hobby Supplies: Sale of painting and hobby equipment including paints, brushes, wet palettes, modeling tools, basing materials, and gaming aids. Products include Army Painter brand items and third-party accessories.
4. Licensed IP Products: Revenue from licensed intellectual property miniatures including 2000AD (Judge Dredd, Sláine, Strontium Dog), Doctor Who, and licensed game partnerships such as Mythic Americas.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels7 records

Core offering

Warlord Games designs, manufactures, and sells 28mm scale plastic tabletop wargaming miniatures, rulebooks, and hobby supplies around a portfolio of proprietary game systems spanning over 4,500 years of military history (Bolt Action, Black Powder, Hail Caesar, Pike & Shotte, Black Seas, etc.) plus science fiction and fantasy ranges (Beyond the Gates of Antares, Warlords of Erehwon, Konflikt '47). The company also distributes licensed miniatures such as 2000AD and Doctor Who, Army Painter hobby supplies, terrain, and a monthly digital magazine (Soldier of Fortune) directly to consumers through regional web stores and to retailers through a trade partner program.

Product overview

Warlord Games is a Nottingham, UK-based tabletop miniature wargame company offering a diverse portfolio of game systems spanning historical periods and science fiction/fantasy genres. The core product lineup includes Bolt Action (WWII 28mm miniatures), Black Powder (Napoleonic Wars and Age of Horse and Musket), Hail Caesar (ancient/medieval battles), Pike & Shotte (16th-17th century warfare), and Black Seas (Age of Sail naval). Specialized military games cover WWII aerial combat (Blood Red Skies), naval warfare at multiple scales (Victory at Sea, Cruel Seas), and alternate-history WWII with sci-fi elements (Konflikt '47). Fantasy and sci-fi offerings include Warlords of Erehwon (fantasy skirmish) and Beyond the Gates of Antares (far-future sci-fi by Rick Priestley). The company also publishes SPQR (ancient Rome skirmish), distributes hobby supplies through Army Painter partnership, and produces themed magazines and terrain accessories. All products are centered on 28mm (or appropriate scale) plastic miniatures with accompanying rules systems, army boxes, campaign books, and supplements.

Differentiator

Problem solved

Functional benefit

Products and services

• Bolt Action Flagship 28mm WWII tabletop wargame where players command historical armies through turn-based tactical engagements, featuring rules for infantry, armor, and combined arms warfare across European, Pacific, and Korean War theaters. Includes Bolt Action Korea (2024) expansion range.
• Black Powder Massed combat wargame system covering the Age of Horse and Musket (1701-1871), encompassing Napoleonic Wars, American Civil War, Anglo-Zulu War, Crimean War, and related conflicts with rules for large-scale battles.
• Black Powder Epic Battles Scaled-down version of Black Powder rules for playing larger historical scenarios with smaller forces, including Waterloo, American Civil War, Pike & Shotte, and Zulu War modules.
• Hail Caesar Ancient and medieval wargame spanning over 4,500 years of military history, covering Bronze Age, Roman, Macedonian, Dark Age, and medieval periods with rules for various troop types and fighting methods.
• Pike & Shotte Wargame of massed combat focused on 16th and 17th century warfare featuring pike and musket formations, covering English Civil Wars, Thirty Years War, Italian Wars, and Wars of Religion.
• Blood Red Skies WWII aerial combat miniatures game featuring aircraft from Royal Air Force, US Air Forces, Luftwaffe, and other WWII air forces with rules for dogfighting and air superiority missions, with a Cold War jet aircraft version.
• Victory at Sea WWII naval wargame covering major fleet actions across Atlantic, Pacific, and Mediterranean theaters with detailed 276-page rulebook for controlling capital ships, cruisers, and destroyers.
• Cruel Seas 1/300th scale small ships miniatures game for commanding flotillas of patrol boats and light vessels in fast-paced WWII naval actions playable in 45 minutes or less, with supplement Close Quarters for boarding scenarios.
• Black Seas Naval wargame set in the Age of Sail (1678-1845) featuring period-accurate ratings system, covering Royal Navy, French, Spanish, US, and Russian fleets with carronade-era combat.
• Beyond the Gates of Antares Science fiction wargame by Rick Priestley (creator of Warhammer 40,000) set in the far future, featuring Algoryn, Boromite, Concord, Freeborn, Ghar, and Isorian factions in inter-factional conflicts.
• Warlords of Erehwon Fantasy tabletop wargame featuring multiple factions including Barbarians, Snakemen, Elves, Dwarves, Orcs, Undead, and Samurai in skirmish-level battles, with Mythic Americas expansion for American folklore.
• Konflikt '47 Alternate history WWII wargame set in 1947 featuring advanced rift-tech weaponry, DNA-enhanced infantry, Tesla cannons, and monstrous Ursus infantry, covering Finnish, German, US, Soviet, Japanese, and British forces.
• SPQR Skirmish-level wargame set in ancient Rome covering the late Republic period, featuring warbands from Rome, Germania, Gaul, Macedonia, Dacians, Sarmatians, Parthians, and Celtic tribes.
• Achtung Panzer! Dedicated tank warfare supplement for Bolt Action featuring expanded armor rules, British, German, US, and Soviet tank crews and vehicles for enhanced armored combat scenarios.
• Soldier of Fortune Magazine Monthly digital magazine featuring historical articles, painting guides, battle reports, and exclusive miniature releases for Warlord Games products.
• Army Painter Products Range of hobby supplies including wet palettes, Speedpaint 2.0 paint sets, brushes, spray paints, and modelling tools for miniature painting and assembly.
• Terrain and Gaming Mats Gaming terrain products including Skytrex MDF terrain, pre-painted scenery, gaming mats, and trees for various game systems and historical periods.
• Starter Sets Complete starting packages for each game system containing rulebook, miniatures, and required gaming equipment to begin playing immediately.
• Wargames Illustrated Partnership with Wargames Illustrated magazine featuring Warlord-related content, painting guides, and battle reports published monthly.

Quantifiable outcome

• 4.80 star average rating from 3,370 verified customer reviews

Named customers1 record

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature11 records

Partnerships

Six partnerships are on record, tiered minor.

• Mythicos StudiosminorStrategic or Co-development PartnerPartnership for Mythic Americas product line, which uses the Warlords of Erehwon engine to power skirmish games featuring American folklore and indigenous cultures. Mythicos Studios develops content while Warlord Games provides the game system and distribution.
• Mantic GamesminorStrategic or Co-development PartnerMantic Games developed Armada naval wargame based on Warlord Games' Black Seas rules system, with revisions for fantasy setting. This represents a licensing of game mechanics to another publisher.
• Andy ChambersminorStrategic or Co-development PartnerGame designer Andy Chambers created Blood Red Skies and is credited in official materials. The official BRS FAQ is edited by designer Andy Chambers and considered official source material.
• Rick PriestleyminorStrategic or Co-development PartnerRick Priestley, creator of Warhammer 40,000, designed Beyond the Gates of Antares science fiction wargame system. Warlord Games publishes and distributes his game designs.
• Alessio CavatoreminorStrategic or Co-development PartnerIndustry legend Alessio Cavatore is credited as the author of Bolt Action rules, the company's flagship World War II wargame system now in its third edition.
• Clockwork GoblinminorStrategic or Co-development PartnerClockwork Goblin serves as game designers for Konflikt '47, an alternative WWII game system featuring rift-tech and advanced technology. They provide experimental rules and support for the product line.

Scale indicators4 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• Corvus Belli: Spanish publisher of Infinity, a sci-fi miniature wargame. Direct peer in the sci-fi miniatures category alongside Warlord's Beyond the Gates of Antares and Konflikt '47 lines, targeting a similar enthusiast base.
• Perry Miniatures: UK sculptor/manufacturer of historical 28mm metal miniatures that have historically co-developed sculpts with Warlord Games. Direct peer in the historical wargaming miniatures segment with overlapping customer base.
• Modiphius Entertainment: UK-based publisher of tabletop games (Star Trek Adventures, A Song of Ice and Fire, Dune, Conan). Peer in the licensed-IP tabletop gaming space with comparable size and licensing relationships to entertainment IP holders.
• Mantic Games: UK-based miniature wargames publisher (Kings of War, Deadzone, Armada). Closely comparable mid-sized rival; notably licenses Warlord's Black Seas engine for Armada, making them both a peer and a downstream licensee.
• Victrix Games: UK-based historical miniature wargames publisher (Black Seas: French & Spanish naval, ancient/medieval ranges). Comparable mid-sized peer in the historical miniatures segment with similar product format and distribution model.
• North Star Military Figures: UK-based manufacturer and retailer of historical wargaming metal miniatures, supplying Bolt Action-compatible ranges. Direct peer in the historical 28mm niche and a fixture of the same hobby retail supply chain.
• Battlefront Miniatures: New Zealand-based publisher of Flames of War and Team Yankee WWII/early-Cold-War 15mm miniature wargames. Direct overlap with Warlord's WWII product line (Bolt Action) in scale and historical period, though at a smaller scale and different scale size.
• Games Workshop: Global leader in miniature wargaming (Warhammer, Warhammer 40,000). Most direct competitor in the 28mm plastic miniature wargames space across historical, sci-fi, and fantasy categories, with vastly larger scale and retail footprint.

Broad incumbents

• Osprey Games: Publishing arm of Osprey Group producing wargaming rules, books, and some miniatures lines (Frostgrave, Stargrave, Oathmark). Overlaps with Warlord in system publishing and historical/sci-fi/fantasy wargame content, but at a broader publishing-portfolio scale.

Emerging players

• The Army Painter: Producer of miniature painting supplies (paints, brushes, wet palettes) whose products are sold directly through Warlord Games' store. Adjacent peer in the hobby-painting ecosystem with overlapping customer base and complementary rather than competing SKUs.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/warlordgames
• YouTubeyoutube.com/warlordgames
• Facebookfacebook.com/warlordgames
• Instagraminstagram.com/warlordgames
• TikToktiktok.com/@warlordgameshq
• Pinterestpinterest.co.uk/WarlordGames

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Warlord Games