Revolution Beauty has reached a settlement agreement with former chief executive Adam Minto after a long-running legal battle over delayed results, which saw the business removed from the stock market.
The health and beauty retailer announced today that Minto has agreed to “the full and final settlement of certain claims between them” and will pay Revolution Beauty £2.9m.
The settlement sum will be paid in six annual instalments of £483,333 starting on March 28, 2024, with each subsequent sum due on that same date until March 28, 2029. If a payment is missed, interest will be charged at 8% per annum.
In exchange, Revolution Beauty has agreed to drop its case against Minto and accept “no admission or acceptance of liability by either party”.
Revolution Beauty said: “Having considered its options and legal advice received, the board of directors believe this is a fair settlement for the company.”
The settlement stems from Minto’s time in charge of Revolution Beauty and the “events” that led to the delay of its audited accounts and results for the 2022 financial year, which in turn saw the retailer’s shares suspended on the AIM junior stock market.
Revolution Beauty non-executive chair Alistair McGeorge said: “We are very pleased to have reached an agreement with Adam. This, together with the revised payment schedule agreed in December 2023 for the acquisition of Medichem, means we can now focus on the future.
“We look forward to providing an update on our strategy at our upcoming capital markets event on February 8, 2024.”