Revolution Beauty names new CEO as beleaguered brand plots turnaround

Revolution Beauty Names Bob Holt as CEO as Beleaguered Makeup Brand Plots Turnaround After Audit Probe

  • Bob Holt OBE has been serving as the firm’s interim COO since mid-October.
  • Hopefully he will help turn things around for the beleaguered brand
  • Adam Minto, who founded the company in 2014, left earlier this month over issues that emerged after last summer’s stock market listing.

Revolution Beauty appointed Bob Holt OBE as its new CEO earlier this month following the abrupt exit of Adam Minto.

Minto, who founded the company in 2014, left the company last summer over issues that emerged after the stock market listing of Revolution Beauty.

Holt has been serving as the firm’s interim chief operating officer since mid-October and is expected to help turn things around for the beleaguered makeup brand.

Revolution Beauty has announced the appointment of Bob Holt OBE as its new CEO following the abrupt exit of Adam Minto

Revolution Beauty has announced the appointment of Bob Holt OBE as its new CEO following the abrupt exit of Adam Minto

On news of her appointment, Holt said: ‘Over the past six weeks I have seen first-hand the quality of the people who work at Revolution Beauty, the overall popularity of the brand and the innovation of products for customers around the world.

‘I believe there is a huge opportunity for the business to grow further and I am confident that together with the team, we will grow the business further.’

The e-commerce company says the investigation into the group’s accounts by Forensic Risk Alliance and corporate law firm McFarlanes is still ongoing and no conclusions have been reached.

Holt currently serves as chairman of the healthcare business of Totally and Bristol-based engineering company Cosgrove & Drew, and previously held the same position for 23 years at the Mears Group.

During his tenure at Mears, Holt built the housing and social care provider from a little-known contractor with 83 employees to one with a turnover of over £900 million and over 12,000 employees on the books.

Former Revolution Beauty boss Adam Minto with singer Alexandra Burke

Former Revolution Beauty boss Adam Minto with singer Alexandra Burke

Revolution told investors on Monday that the board believes he is the right person to lead the business.

An examination into the company’s auditing practices was launched after a number of ‘serious concerns’ were raised by accountancy firm BDO.

These included issues relating to the retailer’s ability to provide ‘adequate and accurate audit evidence’ in certain areas and the legality of particular business arrangements.

The BDO recommended the appointment of external parties to conduct the review, while Revolution also set up an ‘Investigation Committee’ led by director Derek Zissman and finance boss Elizabeth Lake to assist independent consultants.

No definite timeline was given for the investigation, but Revolution said an update would be released to the market ‘in due course’.

While this is underway, its shares are suspended from the London Stock Exchange, having already fallen in value since listing in the summer of last year.

Founded in 2014, the Kent-based retailer sells hair, skincare and makeup products in over 100 countries, including Superdrug, ASOS and Boots stores in the UK.

The group prides itself on offering ‘cruelty-free’ products, meaning they are not tested on animals during the development stage, and on using upcycled materials.

In a full-year trading update published in May, Revolution said its sales for the 12 months to February had risen 42 per cent to almost £194 million, while adjusted underlying earnings had risen to £22 million.

But since then, the firm has reported business struggles amid a worsening economic backdrop and challenges arising as a result of the easing of lockdown restrictions.

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