Revolution Beauty faces investigation from FCA

The UK’s Financial Conduct Authority (FCA) has launched a probe into cosmetics company Revolution Beauty Group over potential breaches.

The investigation, revealed by Revolution Beauty on Friday, will examine potential breaches over “certain matters” between July 2021 to September 2022.

Last month, the company said that it sent a letter of claim to founder and former chief exec Adam Minto in May in which it alleged he breached fiduciary and other duties.

The company did not provide further details on the investigation, or clarify whether it was linked to the allegations against Minto. Revolution Beauty said it was fully cooperating with the FCA’s investigation.

Last year, an independent probe into the company’s accounts found that the company had historically inflated sales while concerns were also raised over inventory provisioning and personal loans made by a former chief executive officer to distributors.

The news comes days after Bob Holt and Derek Zissman agreed to step down from their respective roles as chief exec and chairman as part of a settlement with top shareholder Boohoo. Boohoo’s proposed board appointments have stepped in to return the company to “sound financial help”

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