Revolution Beauty shares jump after FCA drops three-year investigation
Revolution Beauty has told investors that the City watchdog has closed its three-year investigation into the company.Shares in the online beauty retailer soared as much as 30 per cent to 6.1p, before settling up 7 per cent to 4.6p, after it said the Financial Conduct Authority would take no further action against the company or its founders.The regulator opened an investigation into Revolution Beauty and co-founders Adam Minto and Tom Allsworth in 2023 over 'potential breaches of the market abuse regulation'.It came after its auditor BDO refused to sign off on its 2022 accounts, which led to the temporary suspension of its shares from trading. Revolution Beauty told investors the FCA had dropped its investigation into the firmAn independent probe revealed that the company had found several concerns, including over certain historical sales, inventory provisioning and personal loans made by a former CEO.Minto and Allsworth were cleared by the FCA in November 2024.Today, the London-listed firm said it had cooperated with the FCA and implemented 'a wider range of governance and best practice'.Chair Iain McDonald today said: 'It is fitting to receive this news from the FCA at a time when Tom and Adam are back involved in the business and have reinvigorated it with a clear strategy. 'The early signs that this strategy is working are very encouraging, and the future is much brighter for the Revolution brand.'Last August, the embattled firm's co-founders rejoined to spearhead a turnaround of the business after it was forced to abandon a sale.Revolution Beauty launched a formal sale process last May after years of disappointing sales, disputes with shareholders and a costly legal settlement with co-founder Minto – who returns to the business in a 'consultancy role'.It said it had not received a proposal that could be recommended by the board, after Mike Ashley's Frasers Group pulled out of the process in June 2025.DIY INVESTING PLATFORMSAJ BellAJ BellEasy investing and ready-made portfoliosHargreaves LansdownHargreaves LansdownFree fund dealing and investment ideasinteractive investorinteractive investorFlat-fee investing from £4.99 per monthFreetradeFreetradeInvesting Isa now free on basic planTrading 212Trading 212Free share dealing and no account feeAffiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.Compare the best investing account for you
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Revolution Beauty shares jump after FCA drops three-year investigation
