Revolution Beauty: Former boss to pay £3m to draw line under finance scandal
The founder and former chief of Revolution Beauty will have to pay close to £3m to the scandal stricken makeup brand to settle allegations he breached fiduciary duties to the company.
Adam Minto, who stepped down as head of the brand two years ago, will have to hand over £2.9m, according to an update by the firm this morning.
The settlement comes with “no admission or acceptance of liability by either party,” the firm said this morning.
Revolution Beauty had its shares suspended in 2022 for a number of months after an investigation found that it had falsely inflated its sales figures.
Last June, the firm said it was planning to take legal action against Minto.
Complicating matters is the fact that Minto still owns more than 15 per cent of the company.
Today’s announcement draws a line under the dispute, with Alistair McGeorge, non-executive chairman telling investors the settlement means the firm can now “focus on the future”.
He said: “We are very pleased to have reached an agreement with Adam. This, together with the revised payment schedule agreed in December 2023 for the acquisition of Medichem, means we can now focus on the future.”
It follows a host of other scandals the company has faced over the last year, including a shareholder revolt.