Revolution Beauty Group (LSE:REVB) shares surged on Friday. rising 22.7% to 5.3p, after the Financial Conduct Authority closed its investigation and said no action would be taken.
The FCA opened its probe on 21 July 2023, the inquiry covered founders Adam Minto and Tom Allsworth, and the regulator informed the founders in November 2024 that it had discontinued its investigation in respect of them before confirming that the remaining investigation is now closed.
"We are pleased to report that the FCA has ceased its investigation into Revolution Beauty Group and that no action will be taken against the Company or its founders," said Iain McDonald, Chairman.
McDonald added that the company has cooperated fully with the FCA over the last three years and implemented a wider range of governance and best practice, and that Tom and Adam are back involved in the business with a clear strategy whose early signs are encouraging.
