UK markets close in 1 hour
  • FTSE 100

    7,033.12
    +5.54 (+0.08%)
     
  • FTSE 250

    22,945.20
    +61.81 (+0.27%)
     
  • AIM

    1,232.48
    -0.06 (-0.00%)
     
  • GBP/EUR

    1.1701
    +0.0026 (+0.23%)
     
  • GBP/USD

    1.3822
    +0.0068 (+0.49%)
     
  • BTC-GBP

    27,807.70
    +3,167.47 (+12.85%)
     
  • CMC Crypto 200

    919.75
    +4.26 (+0.47%)
     
  • S&P 500

    4,408.42
    -3.37 (-0.08%)
     
  • DOW

    34,982.61
    -78.94 (-0.23%)
     
  • CRUDE OIL

    72.22
    +0.15 (+0.21%)
     
  • GOLD FUTURES

    1,797.40
    -4.40 (-0.24%)
     
  • NIKKEI 225

    27,833.29
    +285.29 (+1.04%)
     
  • HANG SENG

    26,192.32
    -1,129.66 (-4.13%)
     
  • DAX

    15,619.84
    -49.45 (-0.32%)
     
  • CAC 40

    6,583.82
    +15.00 (+0.23%)
     

Revolution Beauty founders sitting pretty with IPO plans

·2-min read

Make-up and skincare group Revolution Beauty is set to make its stock market debut in a move expected to net the firm’s founders a multi-million-pound fortune.

The group – which sells through retail giants including Superdrug, Boots and Sainsbury’s – is planning to join London’s junior Aim market next month in a reported £500 million initial public offering (IPO).

It is expected to deliver a hefty pay day for founders Adam Minto, 51, and Tom Allsworth, 55, who set up the firm in 2014.

The group sells beauty and skincare products in more than 11,000 outlets with retailers across 45 countries, as well as online through the likes of lookfantastic, and ASOS, while it also sells direct to consumers.

Its existing shareholders, including the founders, will sell shares in the IPO, while newly issued shares will also be on offer.

Mr Minto and Mr Allsworth own the business with minority shareholder TSG Consumer Partners.

The founders will retain a 30% stake, while TSG will sell the majority of its holding.

Investment firm Jupiter Asset Management has already agreed to snap up £90 million worth of shares in the float.

It comes amid a flurry of flotations as firms tap into buoyant stock markets, with companies keen to try to win over some of the billions hoarded by investors during the Covid crisis.

Private equity firm Bridgepoint also unveiled IPO plans on Tuesday, set to value the firm at a reported £2 billion, with other big names to join the London Stock Exchange this year including Moonpig, Dr Martens and Virgin Wines.

Mr Minto, who is chief executive of the Revolution Beauty, said the IPO marks a “significant milestone” for the firm.

“I started Revolution Beauty eight years ago to start a revolution in beauty. I wanted to make high quality cosmetics and skincare affordable for everyone and now we’re on track to achieve these goals around the world,” he added

The firm, which employs more than 220 staff, made sales of £157.6 million in the 14 months to February 28 and underlying earnings of £13.1 million.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting