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Highlights
TheWorks.co.uk PLC (“The Works” or the “Company”) announced that Simon Hathway will step down from his role as Independent Non-Executive Director in early January of next year.
Mr Hathway, who joined the Board on the first of November last year and currently chairs the Remuneration Committee, will depart to take a full-time Executive Director position at B&M European Value Retail S.A..
The Company has commenced its search for a successor and will provide an update in due course.
TheWorks.co.uk PLC (LSE:WRKS) announced a director transition in its board structure, with Simon Hathway stepping down early in the next year to assume a full-time executive role at B&M European Value Retail S.A.; the Company has initiated a search for his successor.
TheWorks.co.uk PLC operates within the UK retail sector, specialising in affordability-focused, screen-free activity products for families. This move comes as the broader UK market continues to observe developments across the FTSE AIM All-Share Index landscape and related ftse shares.
Director change announcement
The Company disclosed that Simon Hathway will step down from his position as Independent Non-Executive Director early next year. He joined the Board in November of the prior year and currently serves as Chair of the Remuneration Committee as well as a member of the Audit and Nomination Committees. His departure is linked to his acceptance of a full-time Executive Director role at B&M European Value Retail S.A., which precludes his continued non-executive involvement with the Company.
The Board expressed gratitude for Mr Hathway’s contributions since his appointment, noting that his retail experience has added insight and value at a critical juncture for the business. The search for his successor is underway, and an update will be provided by the Company in due course.
Implications for governance and leadership
From a governance perspective, the transition reflects a planned exit by a non-executive director who has served for a relatively short period but during an active phase of strategic development for the business. His roles with the Remuneration Committee and Audit and Nomination Committees imply involvement in oversight and committee work, so the incoming individual is expected to assume similar responsibilities.
The Company’s leadership commented that the Board is grateful for his input and that his contribution will be missed. Meanwhile, Mr Hathway highlighted his appreciation for the opportunity to work with the team and the Company’s loyal customer base and strong value proposition.
Strategic context in the retail field
TheWorks.co.uk PLC positions itself in the value retail segment, addressing demand for affordable, family-oriented retail offerings such as books, arts and crafts, toys and stationery. Such retailers operate in a competitive and cost-sensitive environment. A board change at this time may reflect the Company’s effort to ensure alignment of governance and oversight with evolving strategic priorities in the retail market.
Given the broader context affecting ftse shares in the retail and value sectors—such as inflationary pressures, changing consumer behaviour, supply-chain constraints and cost-control imperatives—the Company’s governance adjustment may serve to bolster oversight at committee level.
Market and regulatory aspects
TheWorks.co.uk PLC is listed on the London Stock Exchange and forms part of the ftse shares universe. The announcement is issued in compliance with regulatory disclosure requirements, with specific reference to Schedule Two paragraph (g) of the AIM Rules for Companies in respect of the outgoing director’s prior interests and directorships.
The Company’s update is presented via the official RNS channel of the London Stock Exchange. The announcement outlines that there are no further disclosures to be made under the relevant regulatory schedule in respect of Mr Hathway.
Looking ahead: leadership succession and oversight
With the search for a successor already under way, the Company will seek to appoint a suitably experienced individual to fill the non-executive role, likely with credentials in retail oversight, board committee experience and alignment with the Company’s strategy. The appointment may bring fresh perspective to the Remuneration Committee leadership, and potentially to the Audit or Nomination Committees as appropriate.
The timing—early in the calendar year—provides the Company with the opportunity to complete succession ahead of major board cycles and annual general meetings, thereby maintaining continuity. The Board’s acknowledgement of the outgoing director’s contribution indicates a smooth transition is intended.
