The Works

Northern Ireland’s Abbey Centre sold to new owner for £59m

Abbey Centre in Northern Ireland has been sold by NewRiver to The Herbert Group of Companies in an off market deal for £58.8m.  The 320,000 sq ft shopping centre, located six miles north of Belfast City Centre in Newtownabbey, houses over 70 shops and has a “strong” convenience offer, together…

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The Works ups profit guidance as turnaround bears fruit

The Works has upgraded its FY25 profit guidance and is expecting to deliver approximately adjusted EBITDA of £9.5m compared with £6m in FY24, following good progress with its turnaround strategy. The group is also targeting profit growth in excess of current market expectations of the £10m adjusted EBITDA in FY26.…

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Today’s news in brief-24/1/25

Morrisons has announced plans to cut over 200 jobs as part of a restructuring effort aimed at reducing costs and enhancing operational efficiency. The proposed changes include the removal of regional people managers, store people managers, and case specialists. The company intends to replace these roles with a centralised structure,…

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The Works maintains guidance as HY revenues rise 1.3% to £124m

The Works is maintaining its full-year guidance as total revenues rose 1.3% to £124.2m in the first half of FY25, despite like-for-like sales declining by 0.8% during the period.  It comes as The Works managed to narrow its pre-IFRS16 adjusted EBITDA loss to £2.8m from a high of £8.5m a…

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Today’s news in brief-1/10/24

Mulberry has turned down an £83m acquisition bid from Frasers, arguing it undervalues the company’s potential. Frasers offered 130 pence per share for a 36.8% stake, prompting Mulberry’s board, backed by majority shareholder Challice, to reject the offer and focus on CEO Andrea Baldo’s turnaround strategy. Authentic Brands Group has…

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The Works ‘well-positioned’ for Xmas despite PBT drop

The Works has seen its profit-before-tax fall to £6.9m for the year ended 5 May 2024, down from £9m last year. Despite this, the company believes it is “well-positioned” for profit growth in FY25, especially as it enters the Christmas period. The company’s revenue edged up 0.9% to £282.6m compared…

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Today’s news in brief-21/5/24

Zuber Issa is poised to acquire the UK arm of EG Group, a move indicating the Issa brothers’ business paths are diverging. This acquisition excludes Cooplands bakery, certain Starbucks outlets, and EG’s electric vehicle charging business, Evpoint, with the deal expected to conclude by late June. Additionally, Zuber Issa is…

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The Works expects return to profit amid cost-cutting plans

The Works is anticipating a return to profit in its new financial year, having reported flat sales for FY24, following its relisting to AIM and further cost-cutting measures.   In its latest trading update for the year ended 5 May 2024, revenues inched up by 0.9% to £282.6m, while total like-for-like…

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Today’s news in brief-3/5/24

Asda, following strong FY23 financial results, has successfully refinanced £3.2bn of debt, pushing maturities into the next decade. This included issuing significant high-yield bonds and extending its revolving credit facility to October 2028. The refinancing reflects Asda’s robust performance and investor confidence after Moody’s recent upgrade. The Works has completed…

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The Works completes admission to AIM

The Works has announced the completion of its move from the main market of the London Stock Exchange to AIM. On 19 March, the books, arts and crafts retailer announced proposals to apply for the admission of its ordinary shares to trading on AIM under AIM’s streamlined admission process for…

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