Keaney will be replaced by chief financial officer Gavin Peck. Prior to joining The Works in April 2018, Peck was commercial director at Card Factory.

The current head of finance Rosie Fordham has been appointed as interim chief financial officer.

The Works’ adjusted EBTIDA fell to -£4.3m during the 26 weeks to October 27 from a loss of -£0.9m for the same period the previous year.

The toys, books and stationery retailer also registered a fall in like-for-like sales from an increase of 4.5% during the 11 weeks to January 13, 2019, to an uptick of 1.5% during the 11 weeks to January 12, 2020.