A cosmetics company founded by a Sheppey businessman is being investigated for a number of alleged irregularities.

City regulator the Financial Conduct Authority is monitoring Revolution Beauty which was co-founded by Islander Tom Allsworth and Adam Minto.

According to The Times, law firm Macfarlanes says it has discovered the company made "unacceptable" loans to senior managers and asked distributors to book £9m of orders to meet targets.

It is also alleged that it failed to consider key information when agreeing to pay £26m in 2021 for Queenborough-based Medichem which was owned by Mr Allsworth and once used former EastEnders' actress Patsy Palmer and model Katie Price to promote its products.

However, this is refuted and denied by Mr Allsworth, who claims further information has now come to light which proves this claim to be inaccurate.

Revolution was launched in 2014 and floated on the London Stock Exchange in 2021 with a value of £500m before its stock was suspended.

In 2022, the company collaborated with Love Island on a new make-up range.

Mr Allsworth, the company's biggest individual shareholder who has since stood down as joint chief executive officer and taken up the role of chairman, told KentOnline: "I don't believe I have personally done anything wrong. It was always my intention to step down as chairman this year but I would like to remain involved in the business."

Macfarlanes was brought in when auditors BDO refused to sign off the accounts. New chief executive Bob Holt said the investigation had "brought to light a number of serious issues."

Mr Allsworth insists this does not refer to him.

Revolution is also being scrutinised after a BBC investigation accused it of using indestructible polyfluoroalkyl and perfluoroalkyl substances (PFAs) in its make-up. Although not illegal in the UK, some believe the chemicals can affect hormones and vital organs.

Revolution said it complied with all regulations but had started phasing out PFAs although they were still present in many high street brands.

Mr Allsworth has recently turned his focus to his property business Medichem Properties which is building the £18m Wallbrook Business Park on six acres of farmland at Neats Court, Queenborough.

Work began in October after Sittingbourne and Sheppey MP Gordon Henderson unveiled the project. It will feature 30 units ranging from 1,000 sq ft to 32,000 sq ft for national and local companies to share.