Boohoo launches boardroom coup in bid to take control of Revolution Beauty

Fashion giant Boohoo has launched a boardroom coup in an attempt to take control of Revolution Beauty.

The Manchester-headquartered owner of PrettyLittleThing and Debenhams is attempting to force the company's chairman, chief executive and chief financial officer from their positions. If successful, Boohoo wants to replace them with two of its own directors.

Boohoo first invested in Essex-based Revolution Beauty in August 2022 and further upped its stake in November last year. It now holds a stake of around 26.6% and is its largest single shareholder.

Join our WhatsApp Top Stories and Breaking News group by clicking this link

In plans outlined to the London Stock Exchange, Boohoo has revealed it intends to not vote to re-appoint Revolution Beauty's CEO Bob Holt, chairman Derek Zissman and CFO Elizabeth Lake to the board at its annual general meeting on June 27.

It also intends to appoint Alistair McGeorge and Neil Catto to the board as executive chairman and CFO respectively.

The fashion giant added that the "reconstituted board will then undertake a rigorous process to appoint additional independent directors".

Boohoo also also requested that the existing board of does not proceed to appoint Rachel Maguire and Matthew Eatough as directors.

Revolution Beauty, which was founded by Adam Minto and Tom Allsworth in 2014 and went public in 2021.

The problem-hit company has seen its shares suspended since September last year after auditors refused to sign off its accounts for the last financial year, which sparked an investigation into its finances.

In the heavily delayed interim results published earlier this month, the business said losses narrowed to £13.3m in the six months to the end of August 2022 from £28.8m a year