Revolution Beauty inks manufacturing deals with director's associated firms
By Josh White
Date: Monday 23 Sep 2024
(Sharecast News) - Revolution Beauty Group announced new manufacturing and supply agreements involving its subsidiary Revolution Labs on Monday, reporting that it would produce and supply beauty and personal care products to Carbon Theory and Delhicious.
The company noted that the firms are associated with Adam Minto, a substantial shareholder of Revolution Beauty, holding 15.34% of its ordinary shares.
It said the agreements were set to generate around £0.53m in revenue and £50,000 in profits before tax for Revolution Labs during the current financial year.
The pricing for the products had been established on an arm's length basis, comparable to similar transactions, and was aligned with the terms offered to other third-party customers.
Payments for the transactions would be made in cash following Revolution Labs' standard credit terms.
The board said the arrangements qualified as related party transactions under the AIM rules due to the association between the companies and Adam Minto.
Revolution Beauty's directors, after consulting with the company's nominated adviser, Panmure Liberum Capital, affirmed that the terms of the transactions were fair and reasonable for shareholders.
Comprehensive details of these transactions would be included in the group's financial statements for the current financial year.
Reporting by Josh White for Sharecast.com.
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