Activist investor accuses The Works chair of working from home – in New Zealand
The activist investor locked in a boardroom battle with The Works has accused its chair of switching his residence to New Zealand and dialling in to crucial meetings.
Kelso, a London-listed investment fund, is pushing to appoint a director of its choosing to the discount retailer’s board, but The Works has slapped down the move, saying it would “undermine” its growth.
But the activist investor has turned up the heat on this boardroom spat, questioning whether its chair, Stephen Bellamy, spends enough time in the UK.
The investor told shareholders on Monday that it “believes shareholders would benefit from greater clarity regarding [Bellamy’s] physical attendance and in-person engagement with the business.”
“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.”
The activist investor’s allegation pointed to a recent Companies House filing that lists Bellamy, a New Zealand national, as a resident of New Zealand.
The filing, dated to October 2025, came as 82 per cent of voting shareholders in staffing firm Empressaria opted to remove Bellamy from its board.
Works chair appears to switch residence
Bellamy was appointed as chair of The Works in 2024 after Kelso’s chief executive and finance chief entered the board and oversaw the departure of its previous chairperson.
Kelso claimed responsibility for Bellamy’s appointment, but the Companies House filing from the time listed him as a resident of England.
The activist investor has butted heads with Bellamy in recent months over issues including shareholder buybacks and whether to appoint joint brokers, a person close to the matter said.
Kelso, which owns 10 per cent of The Works, kicked off a boardroom battle with the discount retailer last week when it began pushing to install Graeme Coulthard, a former Card Factory executive, as a director.
The Works has said this move would “not be in the best interests of the company or its stakeholders” and cast doubt over Coulthard’s qualifications and experience.
Kelso criticises ‘lack of engagement’
However, Kelso has hit back, urging shareholders to vote in favour of its “modest and reasonable” request, criticising the board of The Works for refusing to meet with Coulthard.
“The strength of the Board’s resistance to Kelso’s proposal and its lack of effort to engage with Coulthard is difficult to understand,” the investor told shareholders.
“Kelso believes the Board would benefit from Coulthard’s experience and shareholder perspective. It is therefore particularly disappointing that the independent directors recommended voting against his appointment without first meeting or speaking to him,” it added.
The Works, which sells stationery and crafts, has been attempting to overturn its reputation as a “pile ‘em high, sell ‘em cheap” discounter in recent years.
The group is pitching itself as the go-to high street retailer for “screen-free” entertainment for children, appealing to British parents. The retailer posted 3.3 per cent sales growth and £260m in revenue to May, pushing adjusted profit up 44 per cent to £7.2m.
A spokesperson for The Works said: “The Board’s position remains entirely consistent with the company’s RNS announcement on 13 August 2026. The Board continues to firmly and unanimously believe that the proposal to appoint Graeme Coulthard as a Director of the Company is not in the best interests of the Company or its shareholders.
“Steve Bellamy’s full attendance at all Board meetings are a matter of record in the Group’s Annual Report. He has attended all in person Board meetings since his appointment in 2024 and all online meetings.
“Kelso was fully aware of the time Steve spends outside the UK when they were involved in and strongly supported his appointment. Nothing has changed in Steve’s personal or working circumstances since his appointment in 2024.”