Revolution Beauty’s last remaining Co-founder exits amidst financial turmoil

Tom Allsworth, Co-founder of affordable cosmetics brand Revolution Beauty, has resigned with immediate effect after the company reported substantial losses for the 2022 financial year last Friday.

Revolution Beauty made waves in the world of cosmetics after launching a daringly-affordable makeup line in 2013. The British-born brand is now stocked at Superdrug, Boots, Lookfantastic, and now overseas in the US at Walmart.

However, last Friday, the company reported that it made around £23 million less in earnings than it had previously reported in the year prior, after finding significant problems in its accounts.

The makeup retailer’s shares have been suspended since September as it was unable to get auditors to sign off on its books for the previous financial year.

On Friday it finally published the figures for the year ending February 2022, with the caveat from auditors about whether the business can continue trading as a "going concern".

Co-founders of Revolution Beauty, Adam Minto (left) and Tom Allsworth (right)

Bob Holt, CEO of Revolution Beauty, commented: "Integrity and honesty in every aspect of our business is paramount.

"This has been the focus of the new leadership team as we reset internal controls and processes to ensure that we are in a position to achieve consistent operational excellence at a global scale, and in line with the standards of a UK plc."

The business said it would publish interim results for the period ending August last year within the next two weeks.

This news comes after a series of resignations at Revolution Beauty over the last few months, following an independent investigation into the group's finances. The company's Founder and CEO Adam Minto exited last November after the audit investigation was launched. At the time, the firm also warned about lower profits.

In March 2023, Chris Onslow, Revolution Beauty's Sales Director for Hair and Revolution Outlet, also announced his resignation.