Key facts
- Activist investor Kelso is in a boardroom dispute with The Works.
- Kelso has accused The Works' chair, Stephen Bellamy, of residing in New Zealand.
- Kelso is seeking to appoint former Card Factory executive Graeme Coulthard to The Works' board.
- The Works has rejected Kelso's proposal, citing concerns about Coulthard's qualifications.
- Kelso has questioned Bellamy's physical attendance and in-person engagement with the company.
- A recent Companies House filing lists Bellamy, a New Zealand national, as a resident of New Zealand.
Activist investor Kelso has accused the chair of discount retailer The Works, Stephen Bellamy, of residing in New Zealand and questioned his commitment to the UK-based business. The accusation comes amid a boardroom battle, with Kelso seeking to appoint a director of its choice to the board.
Kelso, which owns 10% of The Works, has put forward Graeme Coulthard, a former executive at Card Factory, for a board seat. The Works has resisted this move, stating it would "undermine" the company's growth and questioning Coulthard's qualifications. Kelso has criticized The Works' board for its "lack of engagement" and for recommending a vote against Coulthard's appointment without meeting him.
The activist investor highlighted a Companies House filing from October 2025 that lists Bellamy, a New Zealand national, as a resident of New Zealand. This filing emerged after 82% of voting shareholders in staffing firm Empressaria opted to remove Bellamy from its board. Bellamy was appointed chair of The Works in 2024, following the entry of Kelso's chief executive and finance chief onto the board.
The Works has been working to rebrand itself as a destination for "screen-free" children's entertainment. The retailer reported 3.3% sales growth and £260 million in revenue for the period ending in May, with adjusted profit rising 44% to £7.2 million.