The Works’ owners are preparing to appoint advisers to explore exit options. Here are the key facts about the discounter.
- The Works trades from more than 300 UK stores and last year it served more than 24 million customers.
- It was founded in 1981 by a husband and wife team and started life as a discount bookseller called Remainders Ltd.
- But it rebranded as The Works in 2003 and has since transformed itself from its early days into a family-friendly general discounter, now selling a variety of products across gifts, arts, crafts, hobbies, stationery and toys, as well as books.
- Endless acquired the retailer in 2008, teaming up with investor Anthony Solomon, who is now the largest shareholder, to help transform the business.
- The Works is led by chief executive Kevin Keaney.
- It posted a 5.5% jump in sales to £141m in it year to April 30 as EBITDA surged 47% to £8.2m. It is thought that sales have continued to surge in recent months.
- The Works told Retail Week in June that it plans to grow sales by almost 50% in the next three years as it extends its offer beyond its books origins.
- Owners Endless and retail entrepreneur Anthony Solomon are understood to be exploring options for exiting the retailer.