Revolutionary management
Revolution Beauty this week sought to draw a line under its long-running saga with founder and former CEO Adam Minto, who agreed to cough up £2.9 million in cash in a settlement over his somewhat idiosyncratic management style.
Revolution’s long-delayed accounts, published in May last year, revealed that at least £9 million had to be wiped from its reported revenues after the firm confessed that “sales were only undertaken for the purposes of meeting sales targets…and not all of the products ordered were required by the distributors.”
Shares were suspended for several months and are down some 80% since their 2021 IPO.
Revolution blamed Minto for the audit issues and accused him of having “breached his fiduciary, statutory, contractual and/or tortious duties to the company.”
So, what next for Minto? The entrepreneur has set up a string of new firms over the last year or two, Companies House filings show. One of them caught Spy's eye: a management consultancy called ‘RR Sub1’.
Eh? Minto doing management consulting?
To be fair, the full description of the business is “management consultancy activities other than financial management.”
Ah. Makes sense. Stick to the cosmetic stuff.
Meanwhile, Spy notes Revolution is hiring for a new ‘Master Data Controller.’
Successful candidates must be able to “work with external and internal customers to ensure accurate information is provided in a timely manner.” Sounds important.
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