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Revolution Beauty Reaches $3.6 Million Settlement with Co-Founder Minto

Settlement deal to resolve the Group's accounting issues.

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By: Rachel Klemovitch

Assistant Editor

UK makeup and skincare retailer, Revolution Beauty and co-founder and former CEO Adam Minto would pay $3.66 million as part of a settlement deal to resolve accounting issues that delayed the group’s 2022 results. 
 
Minto left the company in 2022 after an independent investigation into the company’s accounts.
 
According to Reuters, the investigation flagged personal loans Minto and former chairman Tom Allsworth made as well as issues with the firms’ acquisition of Medichem in October 2021. 
 
Minto holds 15.34% stake in the company despite leaving the company. 
 
Revolution Beauty shares were suspended from September 2022 to June 2023. Shares have risen and are reportedly back at the levels they were before the suspension. 

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