Primary Exits Investment in The Works
Funds advised by Primary have sold their majority holding in The Works in a secondary buyout to funds advised by Hermes Private Equity Ltd and management. The transaction value was in excess of £50 million.
The Works, with turnover of £90 million and headquarters in Sutton Coldfield, is Britain’s leading operator of value bookstores. Trading under the names The Works, Booksale, Book Depot, Banana Bookshops and Artworks, the company has around 230 stores in high street, shopping mall and factory outlet locations throughout the UK and Eire.
Primary backed the original buyout of The Works in July 2003 with debt provided by Bank of Scotland. In December 2003 The Works acquired 24 stores from County Bookshops. This acquisition, together with strong organic growth, has helped the company further extend its market leading position. Primary has realised around 3.8 times its original cost of investment. Graham Heddle led the original deal for Primary and represented its interests during the period of Primary’s investment.
Contact Jackie Adams for more information
Tel: +44(0) 20 7920 4800