Private equity-backed retailer The Works launches £100m London float

Home Markets Private equity-backed retailer The Works launches £100m London float
Private equity-backed retailer The Works launches £100m London float

Retail chain The Works plans to float on the London Stock Exchange later this month with a valuation of £100m.

The offer price has been set at 160p per share and dealings are expected to start on 19 July.

The Works sells arts, crafts, gifts, toys, books and stationery from more than 430 stores in the UK.

Its chief executive Kevin Keaney said: “Today represents a significant milestone for The Works and were extremely pleased with the level of interest weve received from investors in our business.”

Read more: Sale is in The Works at private equity group Endless

“Were 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.”

The Works was bought out of administration by northern private equity house Endless LLP which has previously invested in the West Cornwall Pasty Company, Jones Bootmaker and Crown Paints.

Endless bought the business out of administration in 2008 for around £17m.

Read more: Endless buys struggling luggage brand Antler from private equity firm LDC

The founder of The Card Factory Dean Hoyle also invested in the business in 2015 and joined as chairman.

The Works sells stationery, arts and crafts materials, toys and books and has annual sales of more than £160m.

Investec bank is acting as sponsor, financial adviser, bookrunner and broker in relation to the admission, while Leeds law firm Walker Morris is advising on legal issues.

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