Endless invested into The Works in 2008 and we are delighted to have witnessed one of the most remarkable business transformations we have been involved with, as The Works has become one of the UK’s pre-eminent discount retailers.
In its ten years of ownership of The Works, Endless has worked alongside the management team led by Dean Hoyle and Kevin Keaney in repositioning The Works from a retailer of remainder books to become the UK’s leading retailer of Gifts, Art Materials, Craft Materials, Hobbies, Stationery, Toys and Books, whose customers love its constantly changing array of great value products.
The transformation has been driven by continued investment in the business’ infrastructure. Profits were reinvested in the business, helping to expand the chain from 208 outlets to 447 and developing its ecommerce division and logistics network. With revenues exceeding £190 million, the business plans is targeting to open more than 50 stores each year for the foreseeable future, and to support this growth in 2017, The Works relocated to a new 183,000 sq ft support and distribution centre, located in Coleshill, Birmingham which will provide the capacity to support up to 1,000 stores and concessions across the UK and Ireland. Similarly, a range of tech infrastructure investments have boosted the retailer’s online performance, with eCommerce sales growing in excess of 30% year on year. Initiatives such as the “Together” reward scheme, which boasts more than 2 million members and a free click & collect service have helped mitigate falling footfall on the High Street.
On the back of the tremendous growth experienced in recent years on 19th July 2018 The Works completed an initial public offering (IPO) onto the Main Market of the London Stock Exchange with a market capitalisation of £100 million on admission. The listing — the first flotation of a company backed by Endless, marks a dramatic turnaround for The Works, and Endless is very proud of its role in taking the retailer from administration in 2008 to a position of strength.