The Works is set to be sold for about £80m after its owners implemented a quick turnaround of the discount bookseller.

The owner, private equity firm Endless, is poised to appoint KPMG to run the sale, according to the Independent.

The process is likely to begin in the first half of next year.

Endless bought the bookseller out of administration in 2008 for about £17m and later appointed Anthony Solomon as chairman and Bob Lister as managing director to restructure the company. The duo cut costs and reduced the headcount and improved sourcing methods.

Endless sold half its stake to Solomon and buying director David Luper shortly after buying the business in 2008.

It is understood The Works, which has 270 stores, notched up EBITDA of £10m in the year to April 30.

Endless and KPMH declined to comment.

Topics