Revolution Beauty Group PLC said co-founder Adam Minto has agreed to pay £2.9 million to settle legal proceedings over alleged breaches of his fiduciary duties while he was chief executive.
Minto, who left in November 2022, will pay the amount in six annual instalments, with the first of £483,333.35 due in late March, and charged 8% interest if it is late.
The board said it believes this is a fair settlement for the company, with chairman Alistair McGeorge adding that “we are very pleased to have reached an agreement with Adam”.
Revolution sued Minto last year relating to the events that led to the delay of the audit of its 2022 results, which led to its shares being suspended.
The settlement includes no admission or acceptance of liability by either party.
McGeorge said “we can now focus on the future”, after the company also agreed a revised payment schedule in December for the £27.5 million acquisition of Medichem so that the remaining consideration will be paid in annual instalments between 2025 and 2028.
The company is scheduled to provide a strategy update at a capital markets event this Thursday.