# The Works and Kelso Group boardroom dispute

> Live situation record from CLSTR: https://clstr.news/situations/the-works-and-kelso-group-boardroom-dispute
> Updated: 2026-08-17T08:57:42.000Z. Sources: 5. Developments: 2.

A boardroom dispute has emerged between UK retailer The Works and activist investor Kelso Group regarding board composition. Kelso, which holds a 10 per cent stake, is advocating for the appointment of Graeme Coulthard, a former private equity partner, to the company’s board.

The Works has unanimously urged shareholders to reject the appointment, arguing that Coulthard lacks relevant multi-site value retail experience and that his presence would create an “unnecessary distraction” that could undermine the company’s growth strategy. Following the company’s opposition, shares in The Works fell by more than five per cent.

The conflict intensified as Kelso labeled the retailer’s claims “absurd” and “misleading.” In addition to backing Coulthard, Kelso has raised questions regarding the leadership of board chair Steve Bellamy, specifically requesting clarity on his residency in New Zealand and his physical attendance at annual board meetings.

## Timeline

### 2026-08-17: The Works faces boardroom battle with activist investor Kelso

UK retailer The Works is in a dispute with investor Kelso over the proposed board appointment of Graeme Coulthard and the physical attendance of board chair Steve Bellamy.

2 sources. https://clstr.news/cluster/the-works-faces-boardroom-battle-with-activist-investor-kelso-1

### 2026-08-13: The Works faces boardroom battle with activist investor Kelso

The Works is facing a boardroom battle with activist investor Kelso Group, which is pushing to appoint former private equity executive Graeme Coulthard to the retailer's board.

3 sources. https://clstr.news/cluster/the-works-faces-boardroom-battle-with-activist-investor-kelso

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Cite as: The Works and Kelso Group boardroom dispute. CLSTR, https://clstr.news/situations/the-works-and-kelso-group-boardroom-dispute