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(Alliance News) - The chief executive officer and chief financial officer of investor Kelso Group Holdings PLC have joined the board of TheWorks.co.uk PLC, the two companies announced on Wednesday.
Kelso CEO John Goold and CFO Mark Kirkland have joined the board of the Birmingham, England-based retailer of books, arts and crafts, stationery, toys and games, effective immediately.
Kelso, which aims to "identify, engage and unlock trapped value in the UK stock market", has a 5.1% stake in The Works, meaning Goold and Kirkland will be considered non-independent non-executive directors. The Works said it consulted with other major shareholders, who supported the appointments.
The Works Chair Carolyn Bradley said the Kelso pair bring "extensive corporate and operational experience at Board level and will be an asset to The Works".
Goold and Kirkland commented: "We are supportive of both management and the strategic direction of the business and look forward to helping to restore the intrinsic valuation of The Works, which we believe is much higher than the current share price reflects."
The Works shares were up 11% to 24.65 pence in London around midday Wednesday. The stock remains down 25% over the past 12 months. It has a GBP15.4 million market capitalisation.
Separately, Kelso reported that Matthew Moulding, the founder & CEO of Manchester-based e-commerce firm THG PLC, increased his stake to 8.5% as of Tuesday from 7.0% previously.
Kelso shares were up 4.9% to 3.20p on Wednesday. It has a GBP12.0 million market cap.
By Tom Waite, Alliance News editor
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