@retheauditors @premnsikka 1/‘ Investigation in to #AIM listed #RevolutionBeauty unveils "serious issues" over the way the business was allegedly run under previous senior managers’. Revolution hired Macfarlanes to investigate after their long term auditors #BDO ‘reared up’. 
2/ Yesterday it reportedly emerged that Macfarlanes had discovered Revolution made "unacceptable" loans to senior managers, requested distributors book orders worth £9m to meet y/end financial targets + failed to consider key info. when acquiring a company owned by its chairman.
3/ Revolution’s auditor prior/during/post #AIM listing was #BDO. BDO & Mazars were criticised in 2022 by the UK audit regulator #FRC for ‘unacceptable’ audits (the worst auditors inspected for the 2nd year running). Meanwhile over in the US ‘BDO USA botched more than half of …
https://twitter.com/ianbeckett/status/1612089792061378560
4/ its audits inspected by the US #audit regulator #PCAOB in 2021’. Revolution’s head of it’s audit committee was ex-#KPMG ‘big hitter’ (ex co-Chairman) Derek Zissman. 18 months ago Revolution listed (~£500m) on #AIM (the then 6th largest fund raise on AIM ever) at £1.60, …
5/ now it trades at £0.19 (~£60m) after CFO resignation, director resignations, audit ‘shit-show’ share suspension & grisly investigation findings. Revolution’s AIM NOMAD & Broker was/is #ZeusCapital - in 2017 the FT wrote ‘Zeus Capital faces scrutiny after client woes’.
https://twitter.com/ianbeckett/status/1564972241867182082
6/6 But, the Zeus’ allegedly had other fish to fry, via a now imploded #QROPS/#SIPP op (the subject of a future expose), leaving the tab with @FSCS/victims as the claims came in. #Blackmore.
https://twitter.com/ianbeckett/status/1564972214297968641
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