Hermes secondary MBO is The Works

Hermes Private Equity has backed the secondary MBO of The Works, a retailer of value books and artist materials in the UK in a £50m transaction. The business has been acquired from funds advised by Primary Capital Limited, which backed the original MBO in July 2003 for an undisclosed sum.

Established in 1984, and with an annual turnover in excess of £90m, The Works now has around 230 stores throughout the UK, mainly located on high streets and mall sites.

The executive management team led by Chris Maddox, managing director, will remain intact. Hawkpoint Partners advised Primary on the sale.