The Works chairman steps down
The Works will see its executive chairman, Anthony Solomon, step down after his stake in the business was acquired by private equity firm Endless.
The acquisition will make Endless the majority shareholder.
Under Solomon’s leadership, The Works has achieved seven years’ consecutive growth with sales this year expected to rise above £150 million.
Garry Wilson, managing partner at Endless, said: “Anthony has been a fantastic investment partner for us as well as a strong and inspirational leader. He leaves the business in an incredibly healthy position with exciting prospects going forward. Our partnership with him has been a particularly fruitful one for everyone connected with the business. Replacing him is going to be one hell of a job.”
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. I now intend to take a break but my blood is in retail and I will look at other investment opportunities should they arise.”
As part of its growth programme for 2015, The Works will move forward with 30 new stores this year.
Kevin Keaney, chief executive of The Works, said: “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.”
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