The Works bolsters senior management team
The Works has utilised chairman Dean Hoyle’s contact book to find its new chief financial officer, Gavin Peck.
Peck joins the Sutton Coldfield-based retailer from Card Factory, the business that Hoyle started as a market stall and grew to be a fixture on UK high streets before selling out to Charterhouse Capital.Peck spent seven years at Card Factory as commercial finance manager then commercial director. He was previously at PwC for nearly eight years, having joined them after graduating from the London School of Economics.
Current finance director Vicky Norrish is understood to be moving into a more operational role.
Last August The Works launched a massive expansion drive to add 250 stores in five years, aiming to increase its number of stores by 60%.
The ambitious plans followed “the most profitable year in The Works history”, when it achieved an EBITDA of £12.7m for the year to April 2016.
The Works has been a big success for Leeds-based private equity firm Endless, who specialised in turning around distressed businesses when it invested in The Works in 2008.
Endless become the majority shareholder in 2015 after taking the stake of executive chairman Anthony Solomon. Hoyle, who is also chairman of Huddersfield Town, joined at that point, in his first major retail industry position since leaving Card Factory.