GBP 29 million to The Works Stores Limited
August 27, 2014
Proventus Capital Partners has provided a GBP 29 million unitranche loan to the United Kingdom-based discount retailer The Works.
The Works is a leading value retailer with some 300 stores throughout the UK. The company sells high quality gifts, stationery, arts & crafts, toys and books at discount prices. Established in 1981, The Works is currently owned by Endless LLP and its Chairman Anthony Solomon. It has been developed into a diversified value retailer with a true multichannel business, combining bricks and clicks with creative marketing across traditional and online media, while maintaining its historically strong position in the book discount market.
Proventus Capital Partners considers The Works as uniquely positioned to continue to benefit from the strong underlying growth in UK value retailing through its strong proposition and appealing product ranges in a number of rapidly growing market segments. Furthermore, we are looking forward to working with the company and its owners to support the continued development of the business.