The Works to plough £5.3m into 60 new store openings

The value retailer will create 600 jobs across the new stores, in which it is investing £5.3m.

The Works currently has 398 stores across the UK and plans to have a 650-strong estate by 2022.

Its boss Kevin Keaney told Retail Week in July that the business, which sells arts and crafts, books, toys and stationery, could eventually open 1,000 shops.

In the latest phase of that growth plan, The Works will also plough £1m into rebranding and refurbishing its existing store estate as it seeks to maintain its current momentum.

The Works’ latest full-year figures, covering the 12 months to April 30, 2016, revealed that EBITDA jumped a third to £12.7m, as sales rose 9% to £154m.

‘Exciting times’

During the past 12 months, it has invested £9.3m in 63 new stores and a purpose-built distribution centre in the West Midlands to support its expansion drive.

Keaney said: “These are exciting times for The Works. Our discount proposition, coupled with our huge range of exciting products, is proving a real hit with consumers and helping us to continue rapid growth even when overall spending confidence is low.

“In contrast with many other retailers, we’re seeing surging sales on the high street.

“We’re bucking the trend and committed to sustaining this growth through further investment over the next 12 months and beyond, as we deliver our plan to become one of retail’s best growth stories.”