Revolution Beauty is being probed by the City watchdog (FCA) over potential breaches of market abuse dating back two years.
In a notice to the stock exchange this weekend, the online beauty retailer, which had been embroiled in a public spat with 26.6% key shareholder, Boohoo Group, revealed that it had been notified of the move by the FCA.
It said the watchdog “has commenced an investigation into potential breaches of the Market Abuse Regulation (EU) 596/2014 (as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018) in relation to certain matters in the period from July 2021 to September 2022.”
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The business said it was co-operating fully with the Financial Conduct Authority which is looking at a period from July 2021 to September 2022, with further announcements set to be made as appropriate.
It is its latest setback, after its shares were suspended for nine months due amid an accounting scandal.
The news comes as a former investor in THG, Boohoo and ASOS has taken a stake in Revolution Beauty, according to Business Live.
Bill Currie, who heads up Liverpool-based William Currie Investments, has bought a holding of just over 3% in the retailer.
Other members of the company’s top team include former Tesco CEO Sir Terry Leahy and Bob Willet who has held roles with Marks & Spencer, BestBuy, Kingfisher Group and Littlewood’s.
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