Cosmetics specialist Revolution Beauty is being investigated by the Financial Conduct Authority (FCA) for potential market abuse.

The retailer, which has been at the centre of a battle for control with investor Boohoo, did not disclose details but said the investigation is ”in relation to certain matters in the period from July 2021 to September 2022”.

Revolution said late on Friday: “The Financial Conduct Authority has today notified Revolution Beauty that it has commenced an investigation into potential breaches of the Market Abuse Regulation (EU) 596/2014 (as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018) in relation to certain matters in the period from July 2021 to September 2022.”

Revolution said it is cooperating fully with the FCA and it will provide updates “as appropriate”.

The retailer has been engulfed by controversy for some time. After floating in 2021, its shares were suspended last year, results were delayed and it may take legal action against its founder.

Leading shareholder Boohoo sought to install its own leadership at Revolution. The pair resolved their row earlier this month when it was agreed that some directors, including chief executive Bob Holt, would stand down and Boohoo candidates would join Revolution’s board. They include Alistair McGeorge, who will be executive chair.

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