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Beauty Industry, Mergers and Acquisitions

Revolution Beauty Seeks £3M Settlement with Founder and Former CEO

Alleges that Adam Minto breached his fiduciary, statutory, contractual and/or tortious duties to the company.

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By: Charlie Sternberg

Associate Editor

Revolution Beauty founder Adam Minto is reportedly in negotiations with the London-based makeup firm to repay nearly £3 million ($3.8 million) to settle allegations that he breached his fiduciary duties to the company.
 
Minto stepped down as chief executive officer in November 2022 amid an accounting probe. Then, in June 2023, the company disclosed that it had begun legal proceedings against him.

Why Revolution Beauty is Seeking a Settlement

Revolution Beauty alleges that Minto breached his fiduciary, statutory, contractual and/or tortious duties to the company.
 
They claim that these matters contributed to the delay in the audit of the group’s fiscal 2022 results, and to the suspension of the company’s shares from trading on AIM.
 
“The company is looking to recover material sums relating to the exceptional costs the company incurred as a result of the matters alleged,” Revolution Beauty said in a letter of claim.
 
According to Sky News, a settlement agreement could be announced within weeks, with the talks potentially being confirmed to the London Stock Exchange as early as Monday.
 
The makeup company said it is also talking to former executive chairman Tom Allsworth about changing the terms for the acquisition of Medichem, which he owned.
 
Earlier this month, Revolution Beauty reported that it had returned to profit in the first half of its financial year.

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