Lenders to Revolution Beauty, the net cosmetics retailer, have drafted in City advisers amid the accounting chaos which has left it unable to file monetary outcomes.
Sky News understands that HSBC and NatWest, Revolution’s predominant financial institution lenders, have requested Teneo Financial Advisory to observe the scenario amid an impartial probe.
A supply near Revolution stated the banks had employed Teneo in current weeks.
The transfer to herald Teneo comes within the wake of Revolution being pressured to droop its shares in September after its auditor, BDO, refused to log off its accounts.
The failure to take action led to a breach of one of many magnificence merchandise retailer’s borrowing covenants with lenders.
On Monday, Revolution introduced Bob Holt, a company turnaround professional who has been working on the firm for the final six weeks, as its chief government.
Mr Holt stated: “I’ve seen first-hand the standard of individuals working at Revolution Beauty, the general recognition of the model and innovation of merchandise for patrons all over the world.
“I believe there is a huge opportunity for the business as it moves ahead and I am confident that, together with the team, we will drive the business forward.”
Revolution floated on the London inventory market simply final 12 months, using the net purchasing wave created by the COVID-19 pandemic.
The final result of the impartial probe into its funds could have implications for Boohoo Group, the net style retailer, which holds a minority stake in Revolution Beauty.
Revolution Beauty and Teneo each declined to remark.
Source: information.sky.com”