The head of discount retailer The Works who acquired the business out of administration in 2008 is to step down from the company.

Executive chairman Anthony Solomon's stake in the Sutton Coldfield-based retailer has been acquired by private equity firm Endless with which he did that original deal seven years ago.

The undisclosed buyout has made Leeds-based Endless the majority shareholder.

Under Mr Solomon's leadership, the chain has enjoyed seven years of consecutive growth and sales are expected to surpass the £150 million mark with 30 new store openings planned for this year.

Mr Solomon received more than £20 million for part of his interest in the company last year following a refinancing.

Chief executive Kevin Keaney said: "With Anthony as chairman, The Works has been transformed and is now the undisputed leader in the discount retail sector for a wide range of products.

"Anthony leaves us with an amazing business and, while we are very sad to see him go, we are also excited about what the next chapter will bring."

Endless partner James Woolley added: "Anthony's tenure has led The Works to enjoy the most successful period in its history and has built a truly fantastic business that has outperformed our expectations every year.

"Working with the management team, he has been instrumental in moving The Works into the modern business it is today, enjoying unprecedented growth from its multi-channel activities and loyalty card scheme. These foundations have set a platform for continued exciting times and future growth."

Mr Solomon said: "I have enjoyed every minute of the last seven years with the business.

"I now feel the time is right to pass the baton on to the management team who have delighted me with their ability and unending passion.

"I now intend to take a break but my blood is in retail and I will look at other investment opportunities should they arise."