Endless becomes majority shareholder in The Works

PRIVATE equity firm Endless has become the majority shareholder in Sutton Coldfield-based discount retailer The Works.

It has acquired the stake of executive chairman Anthony Solomon who is to step down from the roles after seven years.

No monetary valuation has been put on the transaction.

Under Solomon’s leadership, The Works has delivered seven years of consecutive growth, outpacing the retail market overall. This year sales are expected to be above £150m.
 
Kevin Keaney, CEO of The Works, said: “With Anthony as chairman, The Works has been transformed and is now the undisputed leader in the discount retail sector for a wide range of products, from arts & crafts and stationery, to toys, games and books. 

“Anthony leaves us with an amazing business and while we are very sad to see him go, we are also excited about what the next chapter will bring.”
 
James Woolley, partner at Endless, said:  “Anthony’s tenure has led The Works to enjoy the most successful period in its history and has built a truly fantastic business that has outperformed our expectations every year.

“Working with the management team, he has been instrumental in moving The Works into the modern business it is today, enjoying unprecedented growth from its multi-channel activities and loyalty card scheme.

“These foundations have set a platform for continued exciting times and future growth.”

Solomon said: “I have enjoyed every minute of the last seven years with the business. I now feel the time is right to pass the baton on to the management team who have delighted me with their ability and unending passion.”
 
The Works plans to open 30 new stores this year.