Revolution Beauty’s last remaining Co-founder exits amidst financial turmoil - Indoors Beauty

Revolution Beauty’s last remaining Co-founder exits amidst financial turmoil

Revolution Beauty’s last remaining Co-founder exits amidst financial turmoil

Tom Allsworth, Co-founder of inexpensive cosmetics model Revolution Beauty, has resigned with quick impact after the corporate reported substantial losses for the 2022 financial yr last Friday.

Revolution Beauty made waves on this planet of cosmetics after launching a daringly-affordable make-up line in 2013. The British-born model is now stocked at Superdrug, Boots, Lookfantastic, and now abroad within the US at Walmart.

However, last Friday, the corporate reported that it made round £23 million much less in earnings than it had beforehand reported within the yr prior, after discovering important issues in its accounts.

The make-up retailer’s shares have been suspended since September because it was unable to get auditors to log out on its books for the earlier financial yr.

On Friday it lastly printed the figures for the yr ending February 2022, with the caveat from auditors about whether or not the enterprise can proceed buying and selling as a “going concern”.

Co-founders of Revolution Beauty, Adam Minto (left) and Tom Ellsworth (proper)

Bob Holt, CEO of Revolution Beauty, commented: “Integrity and honesty in each facet of our enterprise is paramount.

“This has been the main focus of the brand new management staff as we reset inner controls and processes to make sure that we’re ready to realize constant operational excellence at a world scale, and in keeping with the requirements of a UK plc.”

The enterprise stated it will publish interim outcomes for the interval ending August last yr throughout the subsequent two weeks.

This information comes after a sequence of resignations at Revolution Beauty over the last few months, following an impartial investigation into the group’s funds. The firm’s Founder and CEO Adam Minto exited last November after the audit investigation was launched. At the time, the agency additionally warned about decrease income.

In March 2023, Chris Onslow, Revolution Beauty’s Sales Director for Hair and Revolution Outlet, additionally introduced his resignation.

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