Revolution Beauty to take legal action against founder Adam Minto

The firm said that on 19 May, it sent a letter of claim to Minto alleging various breaches of fiduciary, statutory, contractual, or tortious duties to the company.

Those alleged actions were said to have contributed to the delay in the audit of its 2022 results, and the subsequent suspension of the company's shares from trading on AIM.

The company said it was seeking to recover “substantial sums” related to exceptional costs incurred as a result of the alleged matters.

However, as of the announcement, no substantive response had been received from Minto or his representatives, Revolution claimed.

In light of that, Revolution Beauty Group set a deadline of 7 July for Minto to respond to the letter of claim.

“The company takes these matters extremely seriously,” the board said in its statement.

“It is important for shareholders to note that there can be no certainty on the outcome of these legal proceedings, and the company will make further updates to shareholders as appropriate in due course.

“The company also expects to publish a further announcement in the coming days in light of the announcement made by Boohoo Group on 19 June, including regarding the company's upcoming AGM on 27 June, and the requisition of a general meeting under section 303 of the Companies Act.”

Reporting by Josh White for Sharecast.com.