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Revolution Beauty has announced the beginning of a formal sales process after it received a preliminary approach from an unnamed company.
On 13 May the beauty retailer said that it was reviewing its funding structure and in light of this is exploring discussions in respect of support for an equity raise from its key shareholders.
Now the group has announced that it will investigate the sale of the company after deciding to “widen” its strategic options.
In order to support the formal sale process, Revolution Beauty has also announced that Iain McDonald will be appointed as non-executive chair, and that Alistair McGeorge is standing down from the board.
McDonald has “significant” PLC experience as a non-executive director, including in takeover situations, and is considered by the board to have the “right skills” to oversee the immediate strategic steps of the company, including the formal sale process.
He is the founder of Belerion Capital, an investor and investment advisor in technology and e-commerce companies. He is currently a non-executive director of Debenhams Group, non-executive chairman of Team Internet Group PLC and executive chairman of Selkirk PLC and was previously a non-executive director of THG PLC.
As a consequence of the official announcement, an “offer period” has now commenced in respect of the company, which expects interested parties to submit expressions of interest by 11 June.
The group said: “As part of the formal sale process, the board invites expressions of interest from parties regarding a potential offer for the entire issued and to be issued ordinary share capital of the company.”
