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Frasers Group has announced that it has withdrawn from the process of acquiring Revolution Beauty, which put itself up for sale last month.
Frasers announced at the time that it was involved in the process but has confirmed it has no intention of making an offer.
Revolution launched a formal sale process at the end of May after receiving a preliminary takeover approach from an unnamed company. It came after a period of strife for the company which saw a 70% slump in share price, accounting probes and boardroom disputes.
Last week the brand stated that it was reviewing “a number of” bids it had received from interested parties as it continued to explore its strategic options.
Following Fraser’s announcement Revolution Beauty stated: “The company continues to have constructive engagement with a number of other interested parties.
“Current discussions may be altered or terminated at any time and, accordingly, there can be no certainty that an offer will be made for the company, nor as to the terms on which any offer may be made.In parallel, the company is also continuing its positive engagement with its shareholders, including in respect of an equity raise.”
It comes after Frasers Group confirmed that it was close to assuming a controlling stake in Norwegian sportswear company XXL ASA.
The group has confirmed that should its offer be accepted it will control 92% of the company’s share capital and 90% of its voting shares. In the statement confirming this, Frasers issued multiple warnings about XXL claiming it is in “significant distress”.
Frasers launched a bid for the company in December 2024 aiming to acquire more than 50% of it at NOK 10 per share (£0.73), valuing XXL at NOK 246.35m (£17m). However, it abandoned that offer in February this year citing a lack of support from other major shareholders.
