After announcing this month that it was no longer for sale, Revolution Beauty on Tuesday updated on its fundraising and the changes being made at the top that sees its co-founder returning to the helm.
Revolution Beauty
The company said the Retail Offer (part of its fundraising by issuing new shares that existing ordinary shareholders could buy) launched on 22 August “has been oversubscribed”. It has raised £1.5 million in aggregate “through the conditional subscription for 50,000,000 Retail Offer Shares at an issue price of 3.00 pence per share”.
It means that with the main part of its fundraising (by issuing new shares to key execs, existing major shareholders and the co-founders), the company has conditionally raised gross proceeds of approximately £16.5 million in aggregate.
The fundraising is dependent on resolutions being passed at a general meeting on 11 September. But it added that its biggest shareholders, Debenhams (Boohoo Group), and Tom Allsworth plus its other co-founder Adam Minto “have irrevocably undertaken to vote in favour of the Resolutions in respect of their own beneficial shareholdings representing, in aggregate, approximately 57.6%”.
Importantly, the company also said that Allsworth has now returned to the business as CEO “to lead a revised and rebalanced business plan to set a clear path back to growth and long-term value creation”. Colin Henry today stood down as interim CEO with immediate effect “but will remain available to management during his six-month notice period”.
