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Key people at The Works.
The Works is a prominent UK-based value retailer specializing in a diverse range of products including books, arts and crafts, stationery, toys, and games. The company operates through a multi-channel model, combining a significant physical store presence across the nation with a robust online platform, making its extensive product offering accessible to a broad customer base. This approach ensures wide distribution of affordable leisure and creative goods.
The company's journey began in 1981 when it was founded by Mike and Jane Crossley. They initially established the business as 'Remainders Limited,' operating from their home with the core insight of providing accessible, discounted books. This early focus on value and affordability laid the groundwork for the company's expansion into a wider array of products designed for entertainment and creativity.
The Works primarily serves families seeking affordable ways to engage in leisure activities and creative pursuits. Its vision revolves around supporting these families by offering feel-good products that enrich their time and foster creativity. The company continues to evolve its product selection and retail strategy to remain a go-to destination for value-conscious consumers.
The Works (TheWorks.co.uk plc) is a UK-based value retailer specializing in affordable books, arts and crafts, stationery, toys, and games, operating 503 stores across the UK and Ireland with a fully transactional online platform.[2][3][4] It serves families seeking screen-free activities, offering products in zones like kids' toys, arts & crafts, stationery, family gifts, and seasonal items, with £277m in FY25 revenue and £9.5m Adjusted EBITDA (up from £6.0m in FY24).[1][2][3] The company solves the demand for budget-friendly, creativity-inspiring items—"Time Well Spent"—in a growing value retail sector, showing growth momentum through a refreshed strategy, +0.8% like-for-like sales, 31m website visitors, and store optimization (7 openings, 15 closures, netting 503 stores).[2]
Founded in 1981 by Mike and Jane Crossley as Remainders Limited, a discount bookstore, The Works evolved into a multi-category value retailer.[4] Key expansions included acquiring 26 Bargain Books and Bookworld stores in 2007, but it entered administration in January 2008 and was rescued by private equity firm Endless in May 2008.[4] Leadership shifted with Hoyle becoming chairman in 2015 after investment, leading to a 2018 IPO valuing it at £100m, where Hoyle retained a 15% stake.[4] Pivotal moments include launching e-commerce in 2012, the 'Together' loyalty scheme in 2013 (closing in 2024), and recent strategy refresh driving FY25 EBITDA growth.[2][4]
While not a tech company, The Works rides the analogue wellness trend amid screen fatigue, capitalizing on demand for physical, affordable creativity tools in a £multi-billion value retail market.[2] Timing aligns with post-pandemic shifts toward family bonding and economic pressures favoring discounters, with its online platform (launched 2012) blending e-commerce efficiency with 500+ physical stores for hybrid convenience.[2][4] Market forces like rising disposable income for "feel-good" non-digital spends and value-seeking consumers bolster it, as seen in stable UK sales (£272m FY25) and Ireland growth.[3] It influences the ecosystem by supporting local communities and sustaining physical retail viability against pure e-tailers.[2]
The Works is poised for organic expansion in value retail, leveraging its refreshed strategy for more store optimizations, online exclusives, and potential new openings to tap untapped growth.[1][2] Trends like sustained screen-free demand, inflation-driven value shopping, and family-focused wellness will shape its path, potentially boosting EBITDA further if like-for-like sales accelerate. Influence may evolve through deeper e-commerce integration and brand partnerships, solidifying its role as a go-to for affordable creativity—echoing its core mission of inspiring Time Well Spent in an increasingly digital world.[2]
Key people at The Works.
