Revolution Beauty, a prominent beauty products retailer based in Kent, England, is taking legal action against its founder and former CEO, Adam Minto. The company claims that Minto breached his fiduciary, statutory, contractual, and tortious duties, which contributed to the delay of the company’s financial results for the year ended February 28, 2022, and the suspension of its shares from trading on AIM.

This announcement comes during a tumultuous period for Revolution Beauty, as it faces an ongoing crisis at the brand. Minto, who stepped down as CEO in November last year, and co-founder Tom Allsworth, who stepped down last month, were found to have made undisclosed loans worth around £1 million to an employee and some distributors. The company is now looking to recover material sums connected to the exceptional costs it has incurred as a result of these alleged breaches.

Revolution Beauty has set a deadline of July 7 for Minto or his representatives to respond to the letter of claim. However, as of June 20, the company has received no substantive response. The company takes these matters extremely seriously and will make further updates to shareholders as appropriate in due course. It is important to note that there can be no certainty on the outcome of these legal proceedings.