Chair succession

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."

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"):

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.