A former chief executive of a Manchester-based beauty company is set to net a multi-million pound fortune after the business he left to found revealed plans to make its stock market debut.
Adam Minto, 51, departed FB Beauty in October 2013 to set up make-up and skincare group Revolution Beauty with Tom Allsworth, 55, in 2014.
The group - which sells through retail giants including Superdrug, Boots and Sainsbury's - is planning to join London's junior Aim market next month in a reported £500m initial public offering (IPO), the PA News agency has said.
The group sells beauty and skincare products in more than 11,000 outlets with retailers across 45 countries, as well as online through the likes of lookfantastic, and ASOS, while it also sells direct to consumers.
Its existing shareholders, including the founders, will sell shares in the IPO, while newly-issued shares will also be on offer.
Mr Minto and Mr Allsworth own the business with minority shareholder TSG Consumer Partners.
The founders will retain a 30% stake, while TSG will sell the majority of its holding.
Investment firm Jupiter Asset Management has already agreed to snap up £90m worth of shares in the float.
It comes amid a flurry of flotations as firms tap into buoyant stock markets, with companies keen to try to win over some of the billions hoarded by investors during the Covid crisis.
Mr Minto, who is chief executive of the Revolution Beauty, said the IPO marks a "significant milestone" for the firm.
"I started Revolution Beauty eight years ago to start a revolution in beauty. I wanted to make high quality cosmetics and skincare affordable for everyone and now we're on track to achieve these goals around the world," he added.
The firm, which employs more than 220 staff, made sales of £157.6m in the 14 months to February 28 and underlying earnings of £13.1m.
