British cosmetics firm Revolution Beauty has put itself up for sale.
The company, which sells make-up, skincare and hair products online and through chains including Boots and Superdrug, announced plans to raise fresh funds earlier this month.
Yesterday it said it had received a takeover approach from an unnamed bidder. The board said it would now be ‘appropriate to investigate’ a sale.
Shares rocketed up 36.4 per cent, or 1.89p, to 7.09p yesterday – giving it a value of £21.4million – but are well below the 160p they listed at in 2021 with a value of £495million.
Revolution said it expects possible bidders to put forward their interest by June 11. Last week, bosses told investors they were reviewing its funding options before its current £32million credit facility expires in October.
Shares in the troubled firm dropped by as much as 40 per cent on the day to their lowest level on record.
For sale: Revolution Beauty sells make-up, skincare and hair products online and through chains such as Boots and Superdrug
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