The Works faces boardroom battle with activist investor Kelso

A boardroom dispute has intensified between UK retailer The Works and activist investor Kelso regarding the composition of the company's board. Kelso, which holds a 10% stake, is backing the appointment of Graeme Coulthard, a private equity investor with an 8% shareholding, to the current five-member board.

The Works has rejected the proposal, stating that Mr. Coulthard's appointment would create “unnecessary distraction,” risk the company's growth strategy, and potentially prioritize specific shareholder interests over the broader base. The retailer expressed concerns that the move could “undermine, rather than enhance, long-term value creation.”

In response, Kelso has questioned the leadership of board chair Steve Bellamy. Citing Companies House filings, Kelso raised concerns regarding Mr. Bellamy’s residency in New Zealand and requested clarity on how much time he spends in the UK and how many of the company’s seven annual board meetings he attends in person.