As it published recently the half international 'Beauty Packaging' have detected irregularities around the British brand 'Revolution Beauty'. Such as it informed also the press agency 'Reuters', an audit made by an independent actor to Revolution Beauty Group's revealed a lot of worries, including operations related with historical sales, procurement of inventory and personal loans made by ex CEO's of the company.
It should be noted, that the ex CEO of the company Adam Minto, step down in November when the company found in full investigation. Said process, had start in September after the failure to complete a first audit inside the terms proposed and after having reported some lower profits to the estimated.
Among the concerns for the company that have been found in this comprehensive analysis, have found problems by the acquisition of the brand Medichem, that made in October of 2021 by 26 million pounds, quantity that still is slope to credit. Revolution Beauty only have paid 7 million pounds, as it has indicated the auditor BDO LLP.
The investigation also has collected the presence of loans and another kind of investments that reaches the million of pounds to one of his main distributors. These loans were not revealed in the moment of his acquisition and have signalled that "requires an investigation".
The press agency Reuters has done official also that as it has informed BDO have found problems around the sales that made during the month of February of the past year to the three key distributors for 'Revolution Beauty'. The three, received pertinent loans of Minto and Allsworth (Co-founder and Executive President of Revolution Beauty). Besides, the sales to two of his distributors in February, last month of the exercise, represented around 70% of all his annual requests, whereas 56% of the annual sales to the third distributor also registered in the same month. However, these sales, that rise to some 9 million pounds, will not be recognised in the annual results of Revolution Beauty, that will publish after the audit.