Revolution Beauty co-founders return after struggle to find new buyer

Revolution Beauty will see the return of its co-founders to “reset” the business after it couldn’t find a buyer during a formal sales process.

Adam Minto and Tom Allsworth will rejoin Revolution to help tackle falling sales. Minto will return in a consultancy role and Allsworth will become chief executive.

The group launched a formal sales process earlier this year after being approached by a potential buyer, with Frasers Group and private equity firm True eyeing up bids.

Frasers owner Mike Ashley later said it did not plan on making an offer, while True’s offer was rejected by Revolution Beauty.

It has now ended the search for a buyer and is “focussing on the fundraise”, which involves raising £15m by issuing new shares.

The group said the return of Minto and Allsworth will help apply a “new and refreshed strategy for Revolution Beauty, with a view to returning it to long-term profitability”.

It also revealed that net sales in the first quarter of FY26 have declined 29% year on year.

In the year to February 28 2025, Revolution’s pre-tax loss dropped from £16.8m the year before to £11.4m, while sales dropped 25.5% to £142.6m.

Revolution chairman Iain McDonald said: “Revolution Beauty is a great brand, but the business has lost its way.

“We are confident that with a return to the founder-led management team who originally scaled the brand, there is a clear path back to growth and long-term value creation.”