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Results: REVB

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EPIC REVB
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Bob Holt takes the reins at Revolution Beauty but “discussions with stakeholders” is ominous

It seems that Revolution Beauty (REVB) still cannot bottom out the massive accounting fraud which means that it still cannot get its accounts for the year to February 28 2022 published. To “help” the independent investigation being carried out by Forensic Risk Alliance and Macfarlanes, the executive chairman Tom Allsworth and CEO Adam Minto  are stepping away from running the business. Veteran Businessman Bob Holt, a good guy, will take charge of running the business. But look at the statement of what he is doing, the underline is mine.

EPIC REVB
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Revolution Beauty Group – Oh dear, you want the bad news or the very bad news?

More ouzo on the cornflakes for the Sheriff of AIM as another 2021 IPO serves up quite dreadful news. After the debacle at Made.com (MADE) next up is Revolution Beauty (REVB) shares in which have been suspended since 1 September as it has failed to get sign off on accounts for the year to 28 February 2022. Now there is more bad news on two fronts: Lets start with the accounting tomfoolery.

EPIC REVB
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Revolution Beauty Group - from bad to worse, accounting snakes emerge from long grass, management talks bull re debt issue

I bet Elizabeth Lake is regretting joining Revolution Beauty (REVB) as its CFO on May 12 this year. The previous incumbent Andrew Clark hung around till the end of July for an orderly handover, since when we have had a ghastly profits warning and now, today, an admission of potential accounting “issues.” Ms Lake must feel as if she was parachuted onto the Titanic just before the iceberg. Or maybe she should take some blame and walk the plank?

EPIC REVB
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Revolution Beauty; Lack of profits warning, shares collapse – a new posterboy for the 2021 IPO hall of shame

On 19 July last year Revolution Beauty (REVB) joined the AIM Sewer raising £110.7 million by issuing new shares and with founders dumping £189.3 million of shares at 160p.  After a warning today about dismal trading which is so bad that it begs the question of whether Revolution will go bust, the shares are 26p. This is a new posterboy for the AIM 2021 IPO class of shame and advisers Zeus Capital should be asked some real questions.

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