Revolution Beauty has started a formal sales process after it received a preliminary takeover approach from an unnamed company.

The beauty retailer announced last week that it was “reviewing its funding structure” and “exploring discussions in respect of support for an equity raise from its key shareholders.”

It announced today (May 21) that following an approach regarding a possible offer for the company, it is now exploring a sale.

Revolution Beauty announced on the London Stock Exchange: “Against this background and to widen its strategic options, the board has now unanimously concluded that it would also be appropriate to investigate the sale of the company and therefore has decided to commence a ‘formal sale process’.

“The party that made the approach has agreed to participate in the formal sale process.”

It continued to say that any interested party wishing to submit a proposal will enter into a non-disclosure and standstill agreement with Revolution at “the appropriate time” before being allowed to take part in the formal sale process.

These parties may then be provided with certain information on the business, and can submit their formal proposal.

Revolution said it expects interested parties to submit this by June 11, and added that it “reserves the right to reject any approach or terminate discussions with any interested party at any time,” and that it isn’t guaranteed that a sale will be concluded.

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