Boss of High Street stationer The Works to step down

Boss of High Street retailer The Works to steps down after shock profit warning sends shares tumbling

The Works chief exec Kevin Keaney (pictured) will be replaced by chief financial officer Gavin Peck

The Works’ boss has stepped down after nearly nine years at the helm – just two months after a shock profit warning sent its shares tumbling.

The High Street retailer, which sells stationery, books, toys and gifts, said chief executive Kevin Keaney has been replaced by chief financial officer Gavin Peck.

Shares soared 14.2 per cent, or 4.4p, to 35.4p as investors welcomed the change at the top and the group’s Christmas update showed like-for-like sales growth of 1.5 per cent over the crucial trading weeks.

It comes after shares crashed more than 40 per cent in November when the chain alerted over profits for the second time in 2019 due to a 3.6 per cent drop in half-year sales.

Interim results on Thursday showed underlying pre-tax losses at The Works more than doubling to £8million in the 26 weeks to October 27 from £4.4million a year earlier.


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