Struggling Revolution Beauty will be investigated for failing to conduct an audit quickly enough
Struggling Revolution Beauty will be investigated for failing to conduct an audit quickly enough.
Law firm Macfarlanes and consultants Forensic Risk Alliance will launch an investigation into the business after its auditor, BDO, raised “serious concerns” over its failure to publish its audit report for the latest financial year.
Revolution shares were suspended from the London Stock Exchange last month after its financial results were further delayed.
Investigation: Revolution shares were suspended from the London Stock Exchange last month after further delays in its financial results
The investigation will also examine the validity of some of the commercial agreements the beauty brand entered into and is expected to take several months.
Derek Zisman, non-executive director, and Elizabeth Lake, chief financial officer, will form a committee to lead the process with independent advisers.
He said: “We will continue to keep investors and stakeholders fully informed as the process continues.”
The firm warned that its financial results would be significantly below market expectations.