(Alliance News) - Revolution Beauty Group PLC on Tuesday announced potential legal proceedings against its founder and former chief executive officer Adam Minto.
The Kent, England-based beauty products retailer claimed that Minto breached his responsibilities. These contributed to the delay company's financial results for the year ended February 28, 2022, and its shares being suspended from trading on AIM.
Revolution Beauty said it is looking to recover material sums connected to the exceptional costs that it has incurred as a result.
The company says that as of June 20, it has received no substantive response from Minto or his representatives. Revolution Beauty has set them a deadline of July 7 to respond to the letter of claim.
"The company takes these matters extremely seriously. 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," Revolution Beauty explained.
This announcement is the latest twist during what has been a tumultuous period for Revolution Beauty.
On Monday, Revolution Beauty's core investor boohoo Group PLC announced that it would vote against the re-appointment of Chief Executive Bob Holt, Chair Derek Zissman, and Chief Financial Officer Elizabeth Lake as directors, and would seek to add Alastair McGeorge as executive chair and Neil Catto as CFO.
"boohoo believes a senior leadership team with the right retail, e-commerce and consumer brands experience is required to deliver shareholder value," said boohoo on Monday.
Trading in Revolution Beauty has been suspended since September 1 after it failed to deliver its first audit by August 31. The company floated in July 2021.
By Will Neill, Alliance News reporter
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