Revolution Beauty founder Adam Minto in £3m repayment talks

Minto, who stepped down as chief executive last year, is in advanced discussions on the matter, Sky News reported. 

A settlement deal could be announced formally announced within weeks.

Revolution Beauty co-founder Tom Allsworth is also reportedly in talks to modify the timetable for deferred payments owed to him for his shareholding in hair and skincare manufacturer Medichem.

It is hoped the settlements will bring an end to the dispute that arose in the year following an IPO when Revolution was valued at almost £500m. Its valuation subsequently slumped.

Revolution said that, as previously announced, there were “potential legal proceedings against Mr Minto regarding the events that led to a delay in the audit of the FY22 results and the suspension of the company’s shares from trading” and that separately, it is negotiating with Allsworth “to reach a revised agreement on the terms of its acquisition”. 

The retailer said: “Revolution Beauty remains in negotiation on both these issues. There is no guarantee that agreements will be reached. Should agreements be reached, they would likely be treated as related party transactions and an appropriate announcement made at that time.”