some notes16 Feb 2021 22:18
The Works (07 May 2020)
• Ceo Dean Hoyle (founder of card factory)
• Dean Hoyle due to receive 35million from Huddersfield football club
£15m had to be paid within five working days of the end of summer's transfer window, with an additional £10m due on 31 August in both 2021 and 2022.
• Mcap 15mill (07 May 2020), now mcap 27mill (16 Feb 2021), Revenue 220mill, 534 stores
• Positive cashflow, dividends maybe to resume, LFL up 10%, leases renegotiated
• 30mill debt facilities (22.5m RCF (undrawn) & 7.5m CLBILS term loan)
• 52wk high 92p, low 17p, share price 24p (07 May 2020) , SP 42p (16 Feb 2021)
• Schroders 18.3%, cancord 9.4%, Jupiter fund 14%, Dean Hoyle 16.7% (paying above 35p), Northern Trust 9.22%, Octopus Investments 3.25%, Benbridge 4.7%
• Card factory mcap 171mill (07 May 2020) , mcap 116mill (16 Feb 2021)
• Competitors Hobbycraft, WH Smith, Smiggle, Card, Clintons, Moonpig, Smyths, Flying Tiger
• Hobbycraft was acquired for 100mill by Bridgepoint Capital in 2010
• Online sales at The Works and Hobbycraft went up 200% each during the lockdowns
• The Works well positioned as a recession go to store for kids offerings as retail reopens