Home Market Retailer The Works planning £100m London float

Retailer The Works planning £100m London float


Discount retail chain The Works is planning a £100m London float.

Reuters reports that the private equity-backed retailer is eyeing a July initial public offering (IPO) in London.

According to the report The Works hired bankers Investec last year to advise on a potential float.

The Works is part-owned by northern private equity house Endless LLP which has previously invested in the West Cornwall Pasty Company, Jones Bootmaker and Crown Paints.

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

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

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.

Read more: What is the outlook for London listings in 2018?

It has around 400 stores in the UK and Ireland and nearly 3,000 employees.

The potential float comes at a difficult time for the UK High Street with companies such as electronics retailer Maplin, toy chain Toys 'R' Us and bed company Warren Evans all collapsing into administration this year.

The Works and Endless LLP did not respond to requests for comment.


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