Revolution Beauty reaches settlement agreement with co-founder
Revolution Beauty has said its co-founder and former chief executive will pay the group £2.9 million as part of a settlement agreement.
The group said the agreement relates to the previously announced events that led to the delay of the audit of Revolution Beauty’s FY22 results and the suspension of trading of the group’s shares on AIM during Minto’s time at the helm.
Minto still holds a 15.34% stake in Revolution Beauty but left in 2022 amid allegations of a breach of fiduciary duty.
The agreement includes no admission or acceptance of liability by either party.
Minto will pay the £2.9 million in six annual instalments, with the first payment due on 28 March 2024 and the last on 28 March 2029. If an instalment is not paid on time, interest will be charged at 8% per annum.
Alistair McGeorge, non-executive chairman of Revolution Beauty, 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.”
