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Investing.com -- Revolution Beauty Group Plc (LON:REVB) shares jumped more than 10% on Friday after the company ended its formal sale process and said co-founder Tom Allsworth will return as chief executive.
The U.K.-based company said in a statement that its board had “terminated discussions with all parties” after concluding that no offer was received that it could recommend to stakeholders. It said closing the sale process was in the best interests of the company.
Allsworth’s appointment as CEO is expected to take effect in the coming days, subject to a proposed equity fundraise.
Fellow co-founder Adam Minto will return in a consultancy role. Interim chief executive Colin Henry will step down.
The cosmetics and personal care company said it intends to implement a “re-balanced plan to restore growth and set a clear path for long-term value creation” with the founders in place.
Revolution Beauty also reported preliminary results for the year ended Feb. 28. Revenue was £142.6 million, down 25.5% from the previous year. Adjusted EBITDA was £4.7 million, and the statutory loss before tax was £16.8 million.
The company plans to raise about £15 million in gross proceeds through an equity fundraise.
It said the proceeds will be used to reduce net debt and provide working capital. The company’s revolving credit facility has been extended until July 2028, conditional on the completion of the fundraise.