BELBROUGHTON financier James Grenfell has helped save more than 2,000 jobs by leading a £25 million management buy-in for discount books retailer The Works.

The company, which has a store in Stourbridge, had been under threat since administrators were called in four months ago.

Now The Works is back in business following a deal arranged by corporate finance advisers Orbis and backed by buyout and turnaround fund Endless LLP, together with HSBC Bank plc.

The agreement will see the re-emergence of a substantial retail business with more than 200 retail stores across the country, a workforce of 2,200 people and an annual £90 million turnover.

Belbroughton based investor James Grenfell, of Orbis, who has also joined the board of the revamped business, said: "The new business has a robust financial structure, ensuring the team have a stable platform from which to develop the business and manage the recovery.

"Turnaround is a challenging market and needs the right combination of timely funding, support and expertise."

A new management team has been appointed, led by chief executive officer Anthony Skitt and chairman Alan Smith - who aim to focus on returning the business to its core purpose of selling discount books.

The Works, which has a big distribution centre and head off in Minworth near Birmingham, was established in 1984 with the incorporation of Remainders Limited, and its principal business was selling quality books at outstanding value.

The company developed rapidly - and was the subject of a successful management buy-out in 2003 and a later secondary deal in 2006.

But after rapidly expanding to than 300 stores and moving away from its core business, the company began losing money and subsequently went into administration in January.

Since then, administrator Kroll has dumped 85 loss making stores and cut 450 jobs.

But the incoming management team believe that returning to the core business of retailing discount books will open a new chapter for The Works.