The Works faces boardroom battle with activist investor Kelso

The retailer The Works is engaged in a boardroom dispute with activist investor Kelso Group over the proposed appointment of Graeme Coulthard to its board. Kelso, which holds a 10 per cent stake in the company, is pushing for Coulthard—a former private equity partner at Charterhouse who also served on the board of Card Factory—to be installed as a director.

The Works has unanimously urged shareholders to reject the appointment at the upcoming annual general meeting on 7 September. The company argues that Coulthard lacks relevant multi-site value retail experience and that his appointment would create an “unnecessary distraction,” potentially weakening the balance of independent directors and undermining the company’s current growth strategy.

Kelso has responded by calling the retailer’s claims “absurd” and “misleading.” John Goold, chief executive of Kelso, maintains that Coulthard’s previous experience with Card Factory is directly relevant to the value retail sector. Kelso noted that together with Coulthard, the group represents approximately 18 per cent of the retailer’s shareholder base. Following the company’s opposition to the move, shares in The Works fell by more than five per cent.