It’s been an eventful month for the U.K.-based design conglomerate Sanderson Design Group. A few weeks ago, the company announced a deal to license the IP of Designers Guild shortly after it collapsed. Now Sanderson—the home of brands like Morris & Co. and Zoffany as well as its namesake brand—is facing some corporate drama as an investor seeks to reshape its board of directors.

According to a notice filed Monday, Sanderson’s largest shareholder, London-based investment firm LBV Asset Management—which owns roughly 14 percent of the company through various entities—approached Sanderson in September to call for a vote on two proposals. The first was to oust Sanderson’s board chair, Dame Dianne Thompson, a veteran executive and the former CEO of the company that administered the U.K.’s national lottery. The second was to add its own nominee, an entrepreneur named Stephen Brooke, to the board.

In a document circulated among shareholders, LBV claims that Sanderson has underperformed on key metrics in recent years. The company’s revenue has shrunk from £112 million in 2022 to £99 million in 2026, while its profits have also declined, from £12.5 million to £5.3 million during the same period. The stock price has also dropped considerably since 2021—falling more than 50 percent—and is currently trading well below its book value. During the same period, LBV points out, Sanderson has increased executive compensation despite the company not meeting key goals.

However, the push for change comes as recent results show Sanderson is gaining ground. Its numbers for the 2026 fiscal year improved upon its 2025 record, and, as the company pointed out in a response to LBV’s proposal, its 2027 fiscal year is off to a good start. Sanderson has shown revenue and profit growth, including a 16 percent jump in its North American sales. Indeed, the letter makes clear how crucial the U.S. is to its future plans, citing the success of its Highgrove collection here and referencing plans to continue “strong momentum” stateside. And despite losses in recent years, the stock is up more than 70 percent since January.

Sanderson is urging its shareholders to vote against LBV’s proposal, stating that “the immediate removal of the Chair and appointment of an additional Director could jeopardise the Group’s strategic momentum at a time of significantly improving performance,” and pointing out that a plan to find Thompson’s successor is already set for early 2027.

LBV’s proposal is an exercise in carefully worded restraint. The investment firm takes pains to point out that it’s not pushing for a change in executive leadership, nor to control the board—a far cry from the openly hostile brawl currently playing out at Ethan Allen. However, Sanderson is robust in its rebuttal, calling for clarity on Brooke’s credentials and questioning LBV’s long-term intentions.

So far, the stock has not moved radically on the news. At the meeting—scheduled for October 29—shareholders will let it be known whether they’re siding with Sanderson’s current board leadership or opting for change.