Anthony Solomon exits The Works after record year
Discount retailer, The Works, today announced that its executive chairman, Anthony Solomon, is to step down from the role after seven years. Solomon’s stake in The Works has been acquired by fellow investor, Endless LLP, making the private equity company the majority shareholder.
Under Solomon’s leadership, The Works has delivered seven years’ consecutive growth outpacing the retail market overall and cementing its position as a family-friendly discount retailer. This year sales are expected to soar above £150 million.
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, added: “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.”
Anthony 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 would also like to thank the Endless team for their support and advice over the years. They stand out as having a refreshingly straightforward approach to private equity and are not afraid to roll their sleeves up and get involved with making the tough decisions. I wish the team and Endless every success in the coming years.”
Garry Wilson, managing partner at Endless, added: “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.”
The Business which was believed to be eyeing a sale last year will move forward with 30 new stores this year.
Solomon went onto say that he would take a break but his blood was in Retail and will look at other investment opportunities should they arise.