Revolution Beauty founder Adam Minto is said to be in talks to repay close to £3m to settle allegations that he breached his fiduciary duties to the cosmetics retailer.
Minto’s co-founder, Tom Allsworth, is also in discussions with this business to amend the timetable for deferred payments owed to him for his stake in Medichem, a haircare and skincare manufacturer.
In a statement on the London Stock Exchange, Revolution Beauty said it “remains in negotiation on both these issues”.
“There is no guarantee that agreements will be reached. Should agreements be reached, they would likely be treated as related party transactions and an appropriate announcement made at that time.”
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Revolution Beauty hopes the dual settlement will draw a line under a host of governance and operational crises it has faced over the past year.
This has seen the listed retailer’s value plummet, leaving it with a market capitalisation of just £81m.
The brand, which is stocked in retailers including Superdrug, Boots and even Boohoo, floated on the stock market with a valuation of £495m in 2021.
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