The Works (retailer)
 | |
| Company type | Public |
|---|---|
| Industry | Retail |
| Founded | 1981 |
| Headquarters | Coleshill, Warwickshire, England[1] |
Number of locations | 525 (stores)[2] |
Area served | United Kingdom Ireland |
Key people | Dean Hoyle (Chairman) Gavin Peck (Group CEO)[3] |
| Products | Books, stationery, arts, crafts and toys |
| Revenue |  £264.6 million (2022)[4] |
| Owner | Dean Hoyle (15%) |
| Website | theworks |
TheWorks.co.uk PLC, trading as The Works, is a discount retailer based in the United Kingdom selling books, art and craft materials, gifts, toys, games and stationery. It has more than 500 stores across the UK and Ireland as of October 2024.[5]
History
[edit]The company was founded in 1981 by Mike and Jane Crossley[6] as discount bookstore Remainders Limited. The Works stores are categorised into five product "zones": Kids (toys, games etc.), Arts and Craft, Stationery, Family Gifts, and Seasonal/Regional, which includes a selection of local interest and tourist-specific ranges. TheWorks.co.uk, the company's first e-commerce platform, was launched in January 2012.
The company's loyalty card scheme, 'Together', was launched in 2013, and had reached one million members by the end of 2016.[7][8] The scheme closed down in March 2024.
Expansion and ownership
[edit]The Works acquired 26 outlets of the Bargain Books and Bookworld chains in 2007 after their parent company went into administration.[9][10] The Works itself entered administration in January 2008.[11] The business was subsequently purchased by the private equity firm Endless in May 2008.[12] Hoyle became chairman of the discount retailer after the "sizeable cash investment" in July 2015.[13]
It was announced in July 2018 that The Works, approximately one-third owned by Hoyle, would have an initial public offering and a valuation of £100 million.[14] Hoyle retained the largest shareholding of 15% after the flotation.
See also
[edit]References
[edit]
- ^ "About Us". Corporate at The Works. Archived from the original on 18 July 2017.
- ^ "The Works warns of slowdown amid cost-of-living crisis". www.retailgazette.co.uk. 20 May 2022.
- ^ "Gavin Peck - The Works". www.theworks.co.uk.
- ^ "Shares in The Works surge after strong sales and return to profit". www.theguardian.com. 23 September 2022.
- ^ "Stores - The Works". www.theworks.co.uk.
- ^ "Affordability is all". The Bookseller. Retrieved 20 July 2023.
- ^ "The Works launches loyalty card scheme in 'value sector first'". retail-week.com. 16 October 2013. Retrieved 15 September 2020.
- ^ "Our journey- The Works". www.theworks.co.uk.
- ^ "The Works buys Bookworld owner out of administration". www.business-sale.com. 30 March 2007. Retrieved 19 March 2019.
- ^ "Book company sale saves 160 jobs". bbc.co.uk. 29 March 2007. Retrieved 19 March 2019 – via news.bbc.co.uk.
- ^ "The Works goes into administration". thebookseller.com. 1 February 2008. Retrieved 2 June 2021.
- ^ "The Works | Endless LLP". www.endlessllp.com. May 2008. Retrieved 30 December 2016.
- ^ "CARD FACTORY FOUNDER, DEAN HOYLE, JOINS THE WORKS AS CHAIRMAN". endlessllp.com. 13 July 2015. Retrieved 19 March 2019.
- ^ Booth, James (13 July 2018). "Private equity-backed retailer The Works launches £100m London float". Retrieved 16 July 2018.
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