REG - TheWorks.co.uk PLC - Chair succession

Works co ukAnnouncement

27/06/2024 07:00

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RNS Number : 0556U  TheWorks.co.uk PLC  27 June 2024

27 June 2024

TheWorks.co.uk plc

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

Chair succession

Carolyn Bradley to step down as Chair of The Works; Steve Bellamy appointed as
successor.

TheWorks.co.uk plc, the family-friendly value retailer of arts, crafts, toys,
books and stationery, announces that Carolyn Bradley will be stepping down as
Chair and Independent Non-Executive Director with effect from 15 July 2024.
Steve Bellamy has been appointed to succeed Carolyn and will join the Board on
the same date.

Carolyn was appointed Chair of The Works three years ago. During her tenure,
Carolyn has helped to steer the business through its recovery from the
COVID-19 pandemic and a cyber security incident in April 2022. The business
has benefitted greatly from her strong retail, marketing and customer
proposition experience, particularly during a period of continuing development
of the brand and 'better, not just bigger' strategy. She leaves the business
in a stable position following its successful transition to AIM, action taken
to reset the cost base and a restructuring of the Operational Board.

Steve Bellamy joins as Non-Executive Chair, bringing extensive experience as
both Chair and Non-Executive Director, having worked in and advised a wide
range of public and private companies and been Chairman of, and advisor to,
investment committees and capital providers. He has a record of supporting
leadership teams to execute their operational strategies and in creating
shareholder value. He is the Senior Independent Director and Chair of the
Audit Committee at Caffyns plc and Independent Non-Executive Director and
Chair of the Audit Committee at Empresaria Group plc. Steve's previous roles
included being Non-Executive Director of Advanced Medical Solutions Group plc
and Michelmersh Brick Holdings plc, and Chair of Becrypt Limited and Concirrus
Limited. Steve was also formerly Chief Operating Officer and Finance Director
of Sherwood International plc and is a Chartered Accountant.

Steve will become Chair of the Nomination Committee and member of both the
Remuneration and Audit Committees upon his appointment to the Board.

Carolyn Bradley, outgoing Chair of The Works, said: "It has been an enormous
privilege to Chair The Works and to support Gavin and his leadership team. The
Works has demonstrated great resilience in the face of challenging
circumstances and I am proud of the transition it has made to become a more
purpose-led, customer-oriented business. I leave The Works as it enters a new
chapter and with every faith that it will continue on a positive trajectory in
the years ahead."

On behalf of the Board, Gavin Peck, CEO of The Works, said: "I am incredibly
grateful to Carolyn, who has been a huge support to the business, to
colleagues and to me personally in recent years. Her guidance has been
invaluable during a period of significant change at The Works and on behalf of
all colleagues, we wish her well for the future.

"I look forward to working with Steve as our new Chair, building on the
positive commercial and operational momentum we have seen since the start of
the year. With the cost saving action taken in recent months and Steve's
extensive experience in driving operational improvements and shareholder
value, I am confident we will deliver significant profitable growth in the
years ahead."

Steve Bellamy, incoming Chair of The Works, said: "The Works is a brilliant
business, with a strong value proposition, a quality store portfolio and a
tight-knit, energised leadership team. The business has recently undergone a
series of changes that lay the foundations for future growth and I look
forward to working with the team, under Gavin's leadership, to deliver value
creation for shareholders."

 Enquiries:

 TheWorks.co.uk plc            via Sanctuary Counsel

 Gavin Peck       CEO

 Rosie Fordham CFO

 Singer Capital Markets (Nomad and Broker)             020 7496 3000

 Peter Steel

 Alaina Wong

 Jalini Kalaravy

 Sanctuary Counsel                                     0207 340 0395

 Ben Ullmann                                           theworks@sanctuarycounsel.com (mailto:theworks@sanctuarycounsel.com)

 Rachel Miller

 Kitty Ryder

 

Additional information in respect of the AIM Rules

The following information regarding the appointment of Stephen Gerard Bellamy
(aged 64) is disclosed pursuant to Schedule Two paragraph (g) of the AIM Rules
for Companies ("AIM Rules"):

 Current directorships/partnerships  Past directorships/partnerships
 Empresaria Group plc                Advanced Medical Solutions Group plc

 Caffyns plc                         Becrypt Limited

                                     Accretion Capital LLP

As at the date of this announcement, Stephen Bellamy holds 100,000 ordinary
shares in the Company.

Save as set out above, there is no further information to be disclosed in
respect of Stephen Bellamy under Schedule 2(g) of the AIM Rules for Companies.

 

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