The Works announces £100m stock market float

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The Works float

Discount gifts and stationery retailer The Works has announced a successful pricing of its IPO on the main market of the London Stock Exchange.

The offer price has been set at 160p per share, which equates to a market capitalisation of £100 million on admission.

The retailer – which also sells books, arts, crafts, and toys – said it expected dealings would commence from July 19.

It comes after The Works saw unprecedented growth since it was purchased by private equity firm Endless in 2008, when its estate almost doubled to 400 stores in 2016.

A £5.3 million investment drive announced last August has also seen The Works work towards an additional 50 stores, adding to the 63 stores it acquired throughour 2017.

The Works also revealed record-breaking Christmas sales for the 17th consecutive year.

“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,” The Works chief executive Kevin Keaney said.

“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.

“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.”

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