REG - TheWorks.co.uk PLC - CFO succession

Works co ukAnnouncement

30/08/2023 07:00

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RNS Number : 7344K  TheWorks.co.uk PLC  30 August 2023

30 August 2023

TheWorks.co.uk plc

("The Works", the "Company" or the "Group")

CFO succession

Steve Alldridge to step down as Chief Financial Officer of The Works; Rosie
Fordham to be appointed as successor.

TheWorks.co.uk plc, the family-friendly value retailer of arts, crafts, toys,
books and stationery, announces that Steve Alldridge plans to step down as
Chief Financial Officer (CFO) by the end of 2023. Rosie Fordham, currently
Head of Finance at The Works, will be appointed as his successor.

Steve joined The Works in June 2020 as Interim CFO, a position that was made
permanent in May 2021, and has made a significant contribution to The Works
over the last three years. The Works ended FY23 in a strong financial position
with no debt and entered FY24 on a positive trajectory. Steve has therefore
decided that now is the right time to step down.

Rosie Fordham joined The Works in 2019 and has worked as both Head of Finance
and Interim CFO((1)). She has over 15 years' commercial and finance experience
in PLCs, having previously worked at National Grid and Spirit Pub Company, and
qualified as a Chartered Accountant at PwC. Rosie's transition to the role of
CFO aligns with the Board's succession plans and follows a rigorous
benchmarking exercise.

We are planning an orderly handover of responsibilities, with the transition
expected to conclude by the end of 2023, at which point Rosie will assume the
position of CFO and join the Board of Directors((2)).

Carolyn Bradley, Chair of The Works, said: "Steve has played a pivotal role
over the last three years, helping to steer the business through the financial
uncertainty created by the Covid-19 pandemic and subsequent challenging
macroeconomic climate. The fact that The Works is now a more financially
robust business is in no small part due to Steve's efforts - we are grateful
for his contribution and wish him all the best in his future endeavours.

"We are delighted to appoint Rosie as CFO. She has extensive financial
credentials and PLC experience, a thorough understanding of the business and a
track record of delivering results. This combination made her our unanimous
choice as CFO working alongside Gavin to deliver our strategy."

Steve Alldridge, CFO of The Works, said: "It has been a great privilege and
hugely satisfying to work with Gavin and the team at The Works during a period
of significant challenges and change. I believe the business has emerged much
stronger and is now poised to deliver profitable growth. I am delighted to be
handing over the reins to Rosie, for whose unstinting support and hard work I
am extremely grateful. I have no doubt that under Gavin and Rosie's
leadership, the business will prosper."

Rosie does not currently hold any shares in the Company. There is no further
information in respect of the appointment of Rosie Fordham, which would
require disclosure under Listing Rule 9.6.13 R (1) - (6).

 

 Enquiries:

 TheWorks.co.uk plc             via Sanctuary Counsel

 Gavin Peck        CEO

 Steve Alldridge  CFO

 Sanctuary Counsel

 Ben Ullmann                    0207 340 0395           theworks@sanctuarycounsel.com (mailto:theworks@sanctuarycounsel.com)

 Rachel Miller

 Kitty Ryder

Footnotes:

 (1)  Rosie joined The Works in March 2019 as Head of Finance. She was appointed
      Interim CFO in January 2020 when Gavin Peck, CFO at the time, became CEO.
      Rosie held this position for seven months before going on maternity leave, at
      which point Steve Alldridge joined the business as Interim CFO.

 (2)  A further update will be issued with the exact date of Rosie's appointment,
      once this has been confirmed.

 

 

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