The Works
This coverage examines The Works’ strategy, operations, and performance within the UK retail sector. Reporting highlights store openings, e-commerce developments, product range updates, marketing initiatives, and leadership decisions that shape its approach to value-focused retailing. Designed for retail executives, brand managers, and operations professionals, the content provides insights into how The Works navigates consumer trends and competitive pressures in books, crafts, and stationery.
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May- 2024 -21 MayHigh Street
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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3 MayNews
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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3 MayNews
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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Apr- 2024 -5 AprilNews
Today’s news in brief-5/4/24
Carpetright has enlisted the help of advisers to explore avenues for cutting costs amidst a challenging market. With weakening demand and intensifying competition, including from newer brands like Tapi, the company is considering options such as store closures. Over the past 14 months, Carpetright reported a decline in revenues to…
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5 AprilHigh Street
The Works shareholders vote to exit main stock exchange
The Works has announced that its shareholders voted to transfer shares from the main market of London’s Stock Exchange to its sub-market AIM, as a cost-reducing measure. This latest move was the outcome of the retailer’s latest AGM that was held yesterday (4 April). Almost all shareholders – 99.7% –…
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Feb- 2024 -14 FebruaryNews
The Works appoints two non-exec directors
The Works has announced the appointment of John Goold and Mark Kirkland as non-independent non-executive directors effective immediately. Goold is chief executive officer and Kirkland is chief financial officer at Kelso Group Holdings plc, an investment company that seeks to identify, engage and unlock trapped value in the UK stock…
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Jan- 2024 -18 JanuaryNews
Today’s news in brief-18/1/24
Sainsbury’s general merchandise commercial director, Paula Nickolds, is departing to become CEO of The White Company. During her three-year tenure, she strengthened brands like Argos, Habitat, and Tu. Sainsbury’s also announced a focused restructuring of its Operating Board. Graham Biggart will assume commercial responsibility for General Merchandise and Clothing, with…
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18 JanuaryHigh Street
The Works losses widen to £7.8m amid ‘challenging’ market conditions
The Works has fallen to a pre-tax loss of £7.8m in its half-year results, following a period of “persistently challenging” market conditions. In the half-year ended 29 October, the retailer reported a pre-IFRS 16 adjusted EBITDA loss of £8.5m, widening from a loss of £6.4m the prior year. However, it…
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Nov- 2023 -9 NovemberNews
Today’s news in brief-9/11/23
Bridgestone has invested $3m for a 5% stake in Halfords’ Avayler business. Avayler, a software-as-a-service (SaaS) provider, helps automotive companies digitise their services, from online booking to invoicing. Under a 15-year Commercial Agreement, Avayler will provide Bridgestone with access to its software products and related services for use in Bridgestone’s…
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9 NovemberHigh Street
The Works lowers guidance due to sales uncertainty
The Works has announced that it has lowered its full-year guidance to an adjusted EBITDA of approximately £6.0m due to uncertainty in the second half of the year. The company stated that it anticipates trading conditions during H2 FY24 tol remain challenging and consumer spend to be subdued. However, the…
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