Revolution Beauty catches break after watchdog drops three-year probe

The UK Financial Conduct Authority (FCA) has ceased its investigation into Revolution Beauty Group for alleged accounting discrepancies and market abuse after three years. The financial watchdog will not take any further action against the company. 

The probe was opened by the FCA on July 21, 2023, and inspected supposed financial inconsistencies and potential market misconduct between July 2021 and September 2022.

The conclusion to the investigation is the most recent development in the company’s arduous period of financial strain, foul-play probes, a trading suspension, and leadership changes. The cessation of the investigation indicates a “much brighter” future for the British multinational cosmetics company, according to its chairman, Iain McDonald.

“The company has cooperated fully with the FCA for the last three years and has taken on board any comments with a constructive spirit, implementing a wider range of governance and best practice,” says McDonald.

A brief history of Revolution troubles

Trading in Revolution Beauty shares was suspended in September 2022 after the company’s auditors, BDO (Binder Dijker Otte), “identified a number of serious concerns” that arose during the FY22 audit. Consequently, external advisers, Forensic Risk Alliance (FRA), launched an independent investigation per BDO’s recommendation.

The FRA investigation led to the company’s founders, Adam Minto and Tom Allsworth, stepping down, and Minto’s formal resignation in November of 2022. By the end of January 2023, the FRA investigation had reported “unacceptable business practices” regarding historical sales, inventory provisioning, and personal loans involving Minto.

BDO reported concerns with the company’s acquisition of Medichem, which was wholly owned by Allsworth. Furthermore, according to a statement published by Revolution Beauty, Minto and Allsworth made personal loans or other investments of approximately £1 million (US$1.2 million) — in aggregate — to one of Revolution Beauty’s key distributors.

The FCA has ceased its investigation of Revolution Beauty Group.

Initially, the FCA investigation also probed Minto and Allsworth. However, it declared that it discontinued its investigation of the two in November 2024, stating that it did not intend to take any action against them.

Both Minto and Allsworth were reinstated in August 2025, with Allsworth returning as chief executive, and Minto taking on a consultancy role.

“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,” says McDonald.

The pair’s reinstatement came alongside cost-cutting measures to attempt a turnaround after years of financial instability. Before this avenue of re-strategizing finances and leadership, the company had been exploring a potential sale since May 2025, but reported that no acceptable offers came through.

Last year, for example, Frasers Group confirmed it was considering making an all-cash offer to acquire Revolution Beauty. The announcement came as Revolution’s value was sharply dropping and sat at around £28 million (US$35.7 million), compared to its £500 million (US$638 million) valuation during its 2021 stock market debut. Ultimately, there was no sale, and Revolution Beauty returned to its previous leadership.