Panmure Liberum acted as Nominated Advisor, Joint Bookrunner, Joint Debt Advisor and Joint Broker on Revolution Beauty’s £16.5m fundraise and strategic reset

The fundraise was announced on 22 August 2025 alongside a strategic reset and the return of its co-founders, Tom Allsworth and Adam Minto (the “Founders”), to the business and a debt refinancing.

The fundraise was supported by cornerstone investment from Debenhams Group Plc and the Founders, together holding approximately 57.6% of the Company, with the gross proceeds of the fundraise to be used to reduce debt, provide working capital, pay fees and provide a basis for the business to return to growth. The total gross proceeds include a £1.5m retail offer.

In May 2025, the Board announced a Formal Sale Process for the Company, however it ultimately concluded that it had not received any proposals that were recommendable to shareholders. Therefore, the Board believed that the most effective route to rebuilding shareholder value was to pursue an equity fundraise.

Panmure Liberum acted as Joint Debt Advisor in relation to the Company’s revised banking arrangements and Sole Financial Adviser and Sole Rule 3 Adviser in relation to the Formal Sale Process.