Struggling Revolution Beauty will be investigated over its failure to complete its auditing quickly enough
Struggling Revolution Beauty will be investigated over its failure to complete its auditing quickly enough.
Law firm Macfarlanes and consultants Forensic Risk Alliance will begin an investigation into the business after its auditor, BDO, raised ‘serious concerns’ over its inability to publish an audit report for the latest financial year.
Revolution’s shares were suspended from the London Stock Exchange last month after its financial results were further delayed.
Probe: Revolution’s shares were suspended from the London Stock Exchange last month after its financial results were further delayed
The probe will also look into the validity of certain commercial arrangements the beauty brand undertook, and is expected to take several months.
Derek Zissman, a non-executive director, and finance chief Elizabeth Lake will form a committee to lead the process with independent advisers.
He said: ‘We will continue to keep investors and stakeholders fully updated as the process continues.’
The firm warned its financial results will be materially below market expectations.