Frasers Group drops out of race to acquire Revolution Beauty

Frasers Group has pulled of the process to acquire Revolution Beauty, which put itself up for sale last month.

The retail giant confirmed in a note to the City this morning that it did not intend to make an offer for the troubled cosmetics brand.

Revolution Beauty, which has struggled over the past year with a 70% slump in share price, accounting probes and boardroom disputes, launched a formal sale process at the end of May after receiving a preliminary takeover approach from an unnamed company.

The brand said last week that it was reviewing “a number of” bids it had received from interested parties as it continued to explore its strategic options.

Frasers confirmed it was participating in the process but stated that there was “no certainty that an offer will be made”.

Following the announcement from Frasers, Revolution Beauty said: “The company continues to have constructive engagement with a number of other interested parties.

“Current discussions may be altered or terminated at any time and, accordingly, there can be no certainty that an offer will be made for the company, nor as to the terms on which any offer may be made.

“In parallel, the company is also continuing its positive engagement with its shareholders, including in respect of an equity raise.”

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