Revolution Beauty cleared as FCA closes three-year investigation

Revolution Beauty Group has confirmed that the Financial Conduct Authority (FCA) has closed its investigation into the company, bringing to an end a regulatory probe that began in 2023.

The company first disclosed on 21 July 2023 that the FCA had launched an investigation into potential breaches of market abuse during the period from July 2021 to September 2022.

The investigation was announced shortly after Revolution Beauty's shares resumed trading following a suspension that began in 2022 after its auditors declined to sign off on the company's accounts. This led to a separate review of the company's finances and the conduct of its co-founders.

The FCA's investigation also examined the actions of co-founders Adam Minto and Tom Allsworth, who stepped away from the business in October 2023, while the previous inquiries were ongoing.

In November 2024, Minto and Allsworth were informed that the FCA had discontinued its investigation into them and did not intend to take any further action. The FCA has now confirmed that its remaining investigation into Revolution Beauty has also been closed, with no action being taken against the company.

The announcement follows the return of Minto and Allsworth to the business last year, after Revolution Beauty ended a formal sale process having received no offers it considered acceptable.

Since rejoining the company, the founders have been working to implement a revised strategy focused on restoring sustainable growth and improving profitability.

Chairman Iain McDonald said: "We are pleased to report that the FCA has ceased its investigation into Revolution Beauty Group plc and that no action will be taken against the company or its founders.

"The company has cooperated fully with the FCA for the last three years and has taken on board any comments with a constructive spirit implementing a wider range of governance and best practice.

"It is fitting to receive this news from the FCA at a time when Tom and Adam are back involved in the business and have reinvigorated it with a clear strategy. The early signs that this strategy is working are very encouraging, and the future is much brighter for the Revolution brand."