(Sharecast News) - Revolution Beauty said on Wednesday that it was kicking off a formal sale process after receiving a preliminary takeover approach.
The company announced earlier this month that it was reviewing its funding structure and exploring discussions in respect of support for an equity raise from its key shareholders.

As a result of the takeover approach from an unnamed party, it has now decided to widen its strategic options.

As part of the formal sale process, which is being managed by Panmure Liberum, the board of Revolution Beauty invited expressions of interest from parties regarding a potential offer. The company expects interested parties to submit expressions of interest by 11 June.

It also said that in order to support the formal sale process, Iain McDonald, a former non-executive director of THG, will be appointed as non-executive chair and that Alistair McGeorge is standing down from the board.

Revolution said McDonald has significant PLC experience as a non-executive director, including in takeover situations, and is considered by the board "to have the right skills to oversee the immediate strategic steps of the company, including the formal sale process".

He is the founder of Belerion Capital, an investor and investment advisor in technology and e-commerce companies.

He is currently a non-exec director of Debenhams, non-exec chairman of Team Internet and executive chairman of Selkirk.

At 0930 BST, the shares were up 26% at 6.57p.

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