Investec has acted as sole sponsor, financial adviser, bookrunner and broker in the successful IPO of TheWorks.co.uk (‘The Works’), which priced this morning.
The Works is one of the UK’s leading multi-channel specialist retailers of value gifts, arts and crafts, toys, books and stationery. It has a network of 447 stores and concessions in the UK and Ireland, as well as a growing online platform.
The placing is expected to raise approximately £65m of gross proceeds, of which approximately £28.5m is for the benefit of the company and approximately £36.5m is for the benefit of selling shareholders. It values The Works at £100m. Admission to the main market and commencement of trading will take place on Thursday 19 July 2018.
Kevin Keaney, CEO of The Works commented:
“We are delighted to be listing on the LSE and Investec’s excellent advice and hard work have been integral to making it happen. The team were a pleasure to work with as they took us through the process and helped us attract a very high quality institutional share register which we are delighted with.”
Garry Levin of Investec commented:
“This IPO builds on our strong track record in the retail sector and we’re delighted to have helped deliver another successful placing on the LSE. The float is testament to the strength of The Works’ business model and the continued appetite of capital markets for high quality businesses We look forward to continuing to support the company on their growth path.”
The Investec team was led by Garry Levin, supported by David Flin, Carlton Nelson and Alex Wright.
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Notes to editors
Investec Specialist Bank
Investec is a specialist bank that provides a diverse range of financial products and services to a niche client base in three principal markets: the United Kingdom, South Africa and Australia, as well as certain other countries.
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