Revolution Beauty Group has appointed Bob Holt as its chief executive officer after former executive chairman Tom Allsworth and former CEO Adam Minto stepped down from "day-to-day management" amid an independent probe related to accounting concerns in early November, per Reuters.
Revolution was one of the largest initial public offerings on London’s junior market in 2021. But its first year as a listed company has been catastrophic. Its shares shed 87 per cent of their value before they were suspended in September after it failed to file audited accounts on time.
The company subsequently revealed that auditors BDO had refused to sign off its accounts because of “serious concerns." These included issues with its “ability to provide sufficient and accurate audit evidence” and “the validity of certain commercial arrangements entered into by the company."
Revolution appointed Macfarlanes and Forensic Risk Alliance to carry out an independent investigation, which is still ongoing. It said on Wednesday that “no conclusions have been drawn."