The Works to spend £5.3m in aggressive expansion

The Works

Value retailer The Works is planning to invest £5.3 million to open 60 new stores and create 600 new jobs as part of the latest phase in its expansion strategy.

The retailer currently boasts 398 stores across the UK, but by the time its ongoing expansion drive is complete by 2022, it should have 650.

The Works is also currently spending £1 million to rebrand and refurbish its existing stores to help maintain its rising sales and profits.

In addition, it spent £9.3 million in the past year for 63 new stores as well as a new distribution centre in the West Midlands.

READ MORE:  The Works to go public or be sold in 2018

In its full-year report for the 12 months ending April 30, The Works’ EBITDA soared by a third to £12.7 million while sales came in at £154 million, a nine per cent uptick.

“Our discount proposition, coupled with our huge range of exciting products, is proving a real hit with consumers and helping us to continue rapid growth even when overall spending confidence is low,” chief executive Kevin Keaney said.

“In contrast with many other retailers, we‘re seeing surging sales on the high street.

“We‘re bucking the trend and committed to sustaining this growth through further investment over the next 12 months and beyond, as we deliver our plan to become one of retails best growth stories.”

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