30 August 2023

TheWorks.co.uk plc

("The Works", the "Company" or the "Group")

Correction to CFO succession announcement

The CFO succession announcement issued on 30 August 2023 at 07:00am mistakenly stated that Rosie Fordham, Head of Finance at The Works, does not hold any shares in the Company. It should have stated that Rosie holds 24,691 shares as of 30 August 2023, as outlined in the amended announcement below. All other details remain unchanged.

CFO succession

Steve Alldridge to step down as Chief Financial Officer of The Works; Rosie Fordham to be appointed as successor.

TheWorks.co.uk plc, the family-friendly value retailer of arts, crafts, toys, books and stationery, announces that Steve Alldridge plans to step down as Chief Financial Officer (CFO) by the end of 2023. Rosie Fordham, currently Head of Finance at The Works, will be appointed as his successor.

Steve joined The Works in June 2020 as Interim CFO, a position that was made permanent in May 2021, and has made a significant contribution to The Works over the last three years. The Works ended FY23 in a strong financial position with no debt and entered FY24 on a positive trajectory. Steve has therefore decided that now is the right time to step down.

Rosie Fordham joined The Works in 2019 and has worked as both Head of Finance and Interim CFO⁽¹⁾. She has over 15 years' commercial and finance experience in PLCs, having previously worked at National Grid and Spirit Pub Company, and qualified as a Chartered Accountant at PwC. Rosie's transition to the role of CFO aligns with the Board's succession plans and follows a rigorous benchmarking exercise.

We are planning an orderly handover of responsibilities, with the transition expected to conclude by the end of 2023, at which point Rosie will assume the position of CFO and join the Board of Directors⁽²⁾.

Carolyn Bradley, Chair of The Works, said: "Steve has played a pivotal role over the last three years, helping to steer the business through the financial uncertainty created by the Covid-19 pandemic and subsequent challenging macroeconomic climate. The fact that The Works is now a more financially robust business is in no small part due to Steve's efforts - we are grateful for his contribution and wish him all the best in his future endeavours.

"We are delighted to appoint Rosie as CFO. She has extensive financial credentials and PLC experience, a thorough understanding of the business and a track record of delivering results. This combination made her our unanimous choice as CFO working alongside Gavin to deliver our strategy."

Steve Alldridge, CFO of The Works, said: "It has been a great privilege and hugely satisfying to work with Gavin and the team at The Works during a period of significant challenges and change. I believe the business has emerged much stronger and is now poised to deliver profitable growth. I am delighted to be handing over the reins to Rosie, for whose unstinting support and hard work I am extremely grateful. I have no doubt that under Gavin and Rosie's leadership, the business will prosper."  

Rosie Fordham holds 24,691 shares in the Company.

There is no further information in respect of the appointment of Rosie Fordham, which would require disclosure under Listing Rule 9.6.13 R (1) - (6).

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