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Saturday 25 January 2020

Value retailer The Works to float in bid to raise £65.2 million

The retailer sells gifts, stationery and arts and crafts products.

The Works is backed by private equity firm Endless (PA)
The Works is backed by private equity firm Endless (PA)

By Helen Cahill, Press Association City Reporter

Value retailer The Works is set to list on the stock exchange to raise £65.2 million.

The Works – which sells gifts, stationery and arts and crafts products – will list on the London Stock Exchange at a price of 160p per share, giving the company a market capitalisation of £100 million.

The Works has more than 447 stores and concessions across the UK, having opened 134 new outlets over the last three years.

Of the funding raised from the initial public offering (IPO), £28.5 million will go to the company, and £36.7 million to the selling shareholders, as well as the executives and senior management team.

Most of the money going into the company will be used to pay down its debt.

Private equity firm Endless, which owns around 9.8% of the company, is the principal selling shareholder on the admission.

Endless will hold roughly 24.9% of the issued share capital of The Works after the float.

Kevin Keaney, chief executive of The Works, said: “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. With a highly experienced management team, energised staff and compelling offer, we are well-positioned for further growth.”

The Works expects public trading of its shares to start on July 19.

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