The Works enters the stock market in £100m float

The Works float

The Works has made its debut on the stock market today, trading on the London Stock Exchange with an offer price of 160p.

The discount retailer – which specialises in gifts, stationery, toys and arts and crafts – will raise £65.2 million, of which £28.5 million is for the business and £36.7 million is for the selling shareholders.

The Works said the funds raised from the stock market float will be used to repay debt.

The £100 million float also provides an exit for its private equity owner Endless.

The retailer, which has more than 447 stores nationwide, confirmed its intention to enter the stock market last week.

It comes after The Works saw unprecedented growth since it was purchased by Endless in 2008, with its store estate almost doubling 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 throughout 2017.

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

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