Make-up brand Revolution Beauty's founders 'fiddled with the books', probe reveals | The Sun

A MAKE-UP brand loved by Love Island stars has been found to be fiddling the books.

A probe says Revolution Beauty founders gave loans to distributors in return for bumping up orders.

Around £9million of sales should not have been counted, said the report.

Founders Adam Minto and Tom Allsworth made fortunes when they listed the firm for £500million in 2021.

But they did not tell the rest of the board about the secret deals which gave the impression that Revolution’s business was bigger than it is.

Auditors had refused to sign off the accounts, which prompted a months-long probe.


We were on the Apprentice and got stick for wearing bikinis

Shock iPhone change revealed – Apple’s handset may never look the same again

Investigators highlighted “materially larger than normal” orders sent to distributors just before the year-end with the purpose of meeting sales targets.

The sweetheart deals with those distributors included Revolution not having to pay for them until this year.

Insiders said the firm — which has tie-ins with Love Island and Amanda Holden — is now stuffed with too much stock.

Investigators are also checking the value of Allsworth’s Medichem lab, sold to Revolution for £26million before the flotation.

Most read in Business


Primark to open four new branches in £140million high street investment plan


The history of McDonald's ownership


Inside Marks and Spencer's plans to revamp firm after shake-up announcement


Which M&S stores are closing and how many job losses will there be?

Medichem also sold products from third parties to Revolution for a profit.

Self-styled God of Lipsticks Minto has resigned while Allsworth is to step down.

Source: Read Full Article

Previous post Chase Stokes and Kelsea Ballerini Appear to be Dating
Next post Gamer sparks police raid after butt dialling cops and making ‘murder confession’