Theworks.co.uk. Regulatory News (WRKS)

20 July 2021

TheWorks.co.uk plc

("The Works", the "Company" or the "Group")

Board Changes

TheWorks.co.uk plc, the multi-channel value retailer of arts, crafts, toys, books and stationery, announces the following board changes.

Following seven years' involvement with The Works, Dean Hoyle has notified the Board that he intends to step down as Chairman following the Company's AGM in September 2021. During his time as Chairman, The Works has undergone significant growth, including the opening of over 200 new stores and the development of our profitable online store and multi-channel offering. Following the IPO in 2018, Dean has overseen a successful change in management and supported the business in navigating the significant challenges posed by the COVID-19 pandemic. The business has come through the worst of the pandemic and is in a position of financial strength, with a strong leadership team; accordingly, Dean has decided that now is the right moment to step down.

The Works is delighted to announce that Carolyn Bradley will succeed Dean as Chair of the Board, with effect from 30 September 2021. On appointment, Carolyn will also Chair the Nomination Committee and be appointed as a member of the Remuneration Committee. Carolyn has extensive experience in executive and non-executive roles in retail and consumer businesses, having spent 25 years at Tesco, as well as currently holding positions as an Independent Non-Executive Director at B&M European Value Retail S.A., Senior Independent Director of SSP Group plc and Marston's PLC and Deputy Chair of Cancer Research UK. Carolyn's background in retail and experience in brand and customer proposition make her ideally suited to guide the business on the next stage of its development.

Dear Hoyle, Chairman of The Works, commented:

"It has been a privilege to chair The Works since 2014, during which time the business has undergone a significant transformation. I am very proud of the important milestones reached, such as the IPO and opening our 500th store, but more importantly I am pleased with the journey The Works has been on more recently to make it a more agile and modern version of the business that our customers have always known and loved. The leadership team has already proven itself capable of guiding the business through the toughest of storms and despite the challenges posed by the pandemic The Works has emerged as a stronger business. I remain fully supportive of the business and its leadership and am sincerely grateful to my colleagues for their support, their continuing hard work and their 'can-do' spirit."

Carolyn Bradley, Chair designate, commented:

"The Works is a true champion of the high street and has grown to become a successful multi-channel retailer. With its refocused strategy, highly capable leadership team and a workforce of over 3,500 dedicated and passionate colleagues I have no doubt that The Works will continue to go from strength to strength. I am delighted to have been appointed Chair and look forward to working with the rest of the Board and supporting the business through the next stage of its growth."

Biography

Carolyn has extensive marketing and commercial experience from her executive career with Tesco, where her roles included Group Brand Director, UK Marketing Director, and Chief Operating Officer for Tesco.com. Since leaving Tesco in 2013 she has held a number of non-executive roles, which currently include Senior Independent director and Rem Co Chair at the SSP Group plc, Senior Independent director at Marston's PLC and NED at B&M European Value Retail S.A. She is also a NED at Majid Al Futtaim Retail LLC and Deputy Chair at Cancer Research UK. Carolyn graduated from Cambridge University before joining Tesco, where she led many innovations such as the Clubcard loyalty scheme, the 'Every Little Helps' service campaign and the grocery home delivery business. 

Listing Rule requirements

In accordance with the Listing Rule 9.6.13, the following information is included:

There is no further information required to be disclosed pursuant to LR 9.6.13.

This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended).