Revolution Beauty

Revolution Beauty Group said on Friday UK's financial regulator is investigating potential breaches over "certain matters" between July 2021 to September 2022.

(Reuters) -Revolution Beauty said on Monday that co-founder and former CEO Adam Minto would pay 2.9 million pounds ($3.66 million) as part of a settlement deal to resolve accounting issues that led to the delay of the group's 2022 results.

Revolution Beauty was thrown into crisis in 2022 when its auditors refused to sign off on its accounts for the previous year, with shares in the firm sent tumbling.

The co-founder and ex-boss of Revolution Beauty has agreed to pay nearly £3 million to draw a line under issues with its accounts (Alamy/PA)

Revolution Beauty said on Monday that co-founder and former CEO Adam Minto would pay 2.9 million pounds ($3.66 million) as part of a settlement deal to resolve accounting issues that led to the delay of the group's 2022 results.

Revolution Beauty Group appointed Walgreens vice president for beauty and personal Lauren Brindley as chief executive on Thursday, as the British makeup company faces an accounting investigation by British regulators.

Revolution Beauty auditor raises ‘serious concerns’ over accounts

Struggling cosmetics group Revolution Beauty is turning to its co-founders as it attempts to revive the business and has ended its sale process, it said on Friday, after years of management missteps and declining sales eroded its value.

Chairman Iain McDonald said it was "a great brand, but the business has lost its way".

Mr Allsworth will return as the company's chief executive, while Mr Minto will take on a consultancy role with a £160,000 per year salary.

Co-founders Adam Minto and Tom Allsworth resigned following a series of accounting issues, but on Friday the company said the pair will return to tackle its plummeting sales.

Revolution Beauty has agreed a settlement with disgruntled former major shareholder Chrysalis Investments over legal claims against the troubled cosmetics brand.