Revolution Beauty reaches settlement with former CEO

Make-up company Revolution Beauty has reached a settlement with co-founder and former chief executive Adam Minto following the delayed publication of its FY22 results and its suspension from trading during his time in the top job.

Revolution Beauty and Minto have agreed to the full and final settlement of certain claims between the pair. In connection with the settlement, Minto will pay Revolution Beauty a settlement sum of £2.9m, paid in six annual installments, with the first payment of £483,333.35 due on 28 March.

The AIM-listed group said on Monday that having considered its options and legal advice received, it believes this to be "a fair settlement" for the company.

Chairman Alistair McGeorge said: "We are very pleased to have reached an agreement with Adam. This, together with the revised payment schedule agreed in December 2023 for the acquisition of Medichem, means we can now focus on the future. We look forward to providing an update on our strategy at our upcoming Capital Markets Event on 8 February 2024".

As of 0850 GMT, Revolution shares were up 3.39% at 30.50p.

Reporting by Iain Gilbert at Sharecast.com