Activist investor Kelso has accused Stephen Bellamy, chair of discount retailer The Works, of relocating his residence to New Zealand and participating in key meetings remotely. Kelso, a London-listed investment fund, has raised questions about the amount of time Mr Bellamy spends in the UK with the business.
The investor informed shareholders on Monday that it believes greater clarity is needed regarding Mr Bellamy's physical attendance and in-person engagement. Kelso specifically asked how many of the company’s seven plc board meetings in the last year the chair attended in person.
These allegations follow a Companies House filing from October 2025, which lists Mr Bellamy, a New Zealand national, as a resident of New Zealand. Mr Bellamy was appointed chair of The Works in 2024.
Kelso, which holds a 10% stake in The Works, initiated a boardroom dispute last week by proposing the appointment of Graeme Coulthard, a former Card Factory executive, as a director. The Works has rejected this proposal, stating it would "not be in the best interests of the company or its stakeholders" and questioning Mr Coulthard's qualifications.
Kelso has urged shareholders to support its request, criticising The Works board for its refusal to meet with Mr Coulthard. The investor stated that the board's resistance and "lack of effort to engage with Coulthard is difficult to understand."