Revolution Beauty has submitted to an audit investigation
(Picture: Revolution Beauty)The CEO and executive chairman of Kent-based make up manufacturer Revolution Beauty have both stepped away from “the day-to-day management of the business” to concentrate on an ongoing independent investigation involving the company’s finances.
Chair Tom Allsworth and boss Adam Minto will be replaced by Bob Holt as interim chief operating officer during the investigation process that will be handled by accountancy firm Forensic Risk Alliance and London-based corporate law business Macfarlanes.
The business stepped in to clarify that the decision to step away was “not a result of any matter arising from the independent investigation to date”.
Revolution beauty, whose products are stocked in several major high street chains including Superdrug and Boots, said: “The board, including Tom and Adam, considers that at the current time, the group requires an operational leader that can devote their full time and attention to managing the business and lead the ongoing discussions with the group’s stakeholders, including customers, suppliers and banking partners.”
Allsworth and Minto will remain directors of the business. Holt will not take a post as director of the make-up brand and will report directly to the group board. He was most recently chairman of smart meter business SureServe and healthcare company Totally.
In September it was reported that the company’s auditor BDO had raised “serious concerns” over its inability to publish an audit report for the latest financial year.
Revolution Beauty had its shares suspended from the London Stock Exchange at the end of August after its financial results were further delayed.
The probe will examine the validity of specific commercial arrangements that Revolution Beauty had undertaken.
