High street stationery retailer is preparing to launch as a listed company on the London Stock Exchange (LSE).
Last week, TheWorks.co.uk confirmed the successful pricing of its IPO, which will see 40,766,165 ordinary shares placed, at 160p each, on the main market of the LSE by financial services firm Investec Bank plc.
The Works is a multi-channel retailer of value gifts, arts and crafts, toys, books and stationery in the high growth discount retail sector.
It operates across 447 branded stores and concessions nationwide, in addition to its e-commerce platform at theworks.co.uk.
The last three financial years have seen The Works open a net 134 retail stores and concessions. The continued rollout of the company’s store network represents a key driver of growth.
For the three years to 29th April 2018, The Works’ generated an EBITDA of £12m against revenues of £189.3m.
TheWorks.co.uk plc CEO Kevin Keaney commented: “Today represents a significant milestone for The Works and we’re extremely pleased with the level of interest we’ve received from investors in our business. They’ve seen what our customers see every day – a unique and exciting retail experience that combines value, quality and variety that’s available online and in-store.”
He continued: “With a highly experienced management team, energised staff and compelling offer, we are well-positioned for further growth. We’re grateful to our exiting shareholder Endless, whose support has enabled us to get here today and look forward to welcoming new shareholders to join us in this exciting new chapter for the business.”
The Works relocated to new 183,000 sq ft support and distribution centre in Coleshill, Birmingham last year. The firm’s bosses believe the facility gives it the capacity to support up to 1,000 stores and concessions across the UK and Republic of Ireland.