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Revolution Beauty takes legal action against founder over breaching ‘fiduciary, statutory & contractual’ duties

Revolution Beauty is taking legal action against its former CEO and founder Adam Minto, over allegedly breaching his “fiduciary, statutory, contractual and/or tortious duties”.

In a letter sent to Minto, the beauty company claimed the former CEO delayed its 2022 financial accounts, which led to a suspension from the London Stock Exchange.

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It added it was looking to recover “material sums relating to the exceptional costs the company incurred as a result of the matters alleged”

Minto, who stepped down as CEO in November last year, after the probe was launched, and co-founder Tom Allsworth, who stepped down last month, were found to have made undisclosed loans worth around £1 million to an employee and some distributors, the group said.

“The company takes these matters extremely seriously,” the group said in a statement.

“It is important for shareholders to note that there can be no certainty on the outcome of these legal proceedings, and the company will make further updates to shareholders as appropriate in due course.”

Minto has until 2 July 2023 to respond to Revolution’s legal letter.

The news comes as Boohoo has unveiled plans for a boardroom coup at Revolution Beauty, where it is the largest shareholder, and has called for the removal of top bosses.

According to the beauty retailer, an announcement following the news from Boohoo is expected in the coming days.

More to follow.

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