Mike Ashley's Frasers abandons Revolution Beauty takeover bid

Mike Ashley's Frasers Group has ruled itself out of the race to buy Revolution Group after the struggling beauty retailer put itself up for sale last month.
Revolution Beauty launched a formal sale process in May after years of disappointing sales, a costly legal settlement with its co-founder and disputes with shareholders.
The cosmetics firm, currently valued at less than £25million, has also seen the clearance of discontinued stock weigh heavily on its bottom line.
Frasers was revealed to be among interested bidders earlier this month.
The UK retail giant, which owns Sports Direct, has built stakes in several underperforming retail businesses in recent years, including THG, Asos, Boohoo and Mulberry.
But Frasers said in a short statement on Thursday it does not intend to make an offer for Revolution Beauty.
Revolution Beauty's sale process came after bosses warned investors it was reviewing funding options before the group's current £32million credit facility expires in October, driving shares to a record low.
The group confirmed on 12 June it had 'received proposals from a number of parties', which it is 'currently evaluating and which may then result in further access to diligence materials being granted'.
Responding to Frasers' decision on Thursday, Revolution Beauty said in a statement: 'The company continues to have constructive engagement with a number of other interested parties.
'Current discussions may be altered or terminated at any time and, accordingly, there can be no certainty that an offer will be made for the company, nor as to the terms on which any offer may be made.
'In parallel, the company is also continuing its positive engagement with its shareholders, including in respect of an equity raise.'
Revolution Beauty shares opened 9 per cent lower at 7p on Thursday morning.
They have lost more than half their value since the beginning of the year and are down more than 95 per cent since they listed on the London Stock Exchange at 170p in July 2021.

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