Kelso questions The Works chair Bellamy's 'in-person engagement'

17th Aug 2026 12:58

(Sharecast News) - The boardroom dispute between The Works and Kelso Group rumbled on on Monday after the activist investor questioned how much time chairman Steve Bellamy spends in the UK and whether he has enough "in person engagement with the business".

The Works announced last week that it had received a notice from Kelso - which owns a stake of around 10% - proposing that Graeme Coulthard be appointed as a director with immediate effect.

It subsequently wrote to Kelso arguing that his appointment would not be in the best interests of The Works or its stakeholders and would be "more likely to undermine, rather than enhance, long-term value creation". The Works requested that Kelso withdraw its request but the latter subsequently confirmed it remained intent on proceeding with the resolution.

The retailer also argued that Coulthard has limited experience as a director of a listed company and no executive experience in multi-site value retail operations.

Kelso hit back on Friday, urging investors to vote in favour of the resolution and saying that it was "surprised and disappointed by the strength" of The Works' response, and outlining all of Coulthard's relevant experience.

On Monday, Kelso put out another statement.

"Kelso believes shareholders would benefit from greater clarity regarding Steve Bellamy's (Chairman, The Works) physical attendance and in-person engagement with the business," it said. "Kelso asks how much time he spends in the UK with the business and how many of the company's seven plc board meetings during the last year the chair attended in person."

It noted that the most recent filing at Companies House states that Bellamy is a New Zealand resident.

Dan Coatsworth, head of markets at AJ Bell, said: "This is unlikely to be the last word in the tête-à-tête between management and Kelso ahead of a crunch shareholder meeting next month."

See latest RNS on Investegate