After announcing record Christmas sales for the seventh year running at the beginning of 2018, discount books, stationery, craft and toy retailer The Works started trading on the London Stock Exchange on July 19 with an offer price of 160p.
As a result of the float, The Works will raise £65.2m (£28.5m for the business and £36.7m for the selling shareholders.)
Retail Gazette reported on 19 July that the discount retailer will use the proceeds from the float to repay debt. It also offers an exit for private equity owner Endless, which purchased The Works in 2008. In the ten years of ownership by Endless, the store doubled its store count to 400 in 2016, reaching more than 430 by the start of 2018.
The Works chief executive Kevin Keaney told Retail Gazette: “With a highly experienced management team, energised staff and compelling offer, we are well-positioned for further growth.
“We’re grateful to our exiting shareholders 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.”