Revolution Beauty shares glitter after it emerges from FCA probe

Revolution Beauty announced it is no longer under FCA investigation, receiving formal notification that the Financial Conduct Authority will take no further action. The probe, which began in July 2023, focused on founders Adam Minto and Tom Allsworth and examined issues including late earnings filings in 2022, potential overstated sales and loans or other distributor arrangements. By November 2024, no action was taken against the founders or company, and governance reforms followed. The founders have since re-engaged with the business, signaling a strategic reset as the Camden-based cosmetics group seeks to rebuild investor confidence after accounting revisions and investor disputes with Boohoo in 2023.