The Revolution Beauty boss has resigned as an investigation continues into the troubled make-up and beauty industry.

CEO Adam Minto has resigned from the company effective immediately, the company announced to investors on Wednesday.

It comes after an investigation was launched in September into its failure to complete its audit quickly enough, as the company also warned of falling profits.

Law firm Macfarlanes LLP and consultants Forensic Risk Alliance have launched an investigation into the company after its auditor, BDO, expressed ‘serious concerns’ about its failure to issue an audit report for the last financial year .

As a result, the company’s shares were suspended from the London Stock Exchange.

Last month, Mr Minto and executive chairman Tom Allsworth said they would step back from the day-to-day management of the business, although the company stressed that this was “not the result of a matter arising” of the investigation.

He said the company needed an operational chief who could “devote his full time and attention” to its management while the investigation continued.

Bob Holt took over the management of the company as interim chief operating officer.

On Wednesday, Revolution Beauty confirmed that Mr Minto had resigned and would continue to support the investigation into the company.

In a statement, it added: “The Revolution Beauty Board of Directors reiterates that the independent investigation by Forensic Risk Alliance and Macfarlanes is still ongoing and no conclusions have been reached.”