Revolution Beauty in negotiations with ex CEO, chairman

Revolution Beauty Group responded to fresh press speculation surrounding potential agreements with its former chief executive officer, Adam Minto, and former executive chairman, Tom Allsworth, on Monday.

The company had announced the possibility of initiating legal proceedings against Minto on 20 June, related to events that caused a delay in the audit of the 2022 results and led to the suspension of the company’s shares from trading on AIM.

In a separate announcement on 31 August, the board of Revolution said it was in negotiations with Tom Allsworth, the former owner of Medichem, to reach a revised agreement on the terms of its acquisition.

The company said on Monday that it was actively addressing the matters as it navigated potential legal actions and negotiations, with further developments to be communicated.

“Revolution Beauty remains in negotiation on both these issues,” the board said in its statement.

“There is no guarantee that agreements will be reached.

“Should agreements be reached, they would likely be treated as related party transactions and an appropriate announcement made at that time.”

At 0832 GMT, shares in Revolution Beauty Group were down 3.47% at 29.2p.

Reporting by Josh White for Sharecast.com.