Fortunately, you did not own shares in Revolution Beauty last year. How right you were. This self-styled “multi-brand, multi-category, multi-channel, mass beauty innovator with proven global scale” came to the AIM market in July 2021 at 160p, valuing the business at almost £500 million.
The existing shareholders (including private equity, of course) raised £190 million, and only £110 million went into the company. Things started to go wrong almost immediately, with the shares falling to a discount. It has been bad news all the way since then, in the usual slow-motion way of these financial disasters. Last August, results were delayed, but “management is not aware of any material issues that have been raised by the auditors”.
