Major update on future of struggling brand sold in thousands of stores – and it could be sold to Sports Direct owner

MIKE Ashley's Frasers Group is considering a takeover of troubled beauty retailer Revolution Beauty.

Revolution told shareholders this morning that Frasers – which owns Sports Direct and Flannels – is one of a number of potential parties considering a takeover bid.

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"There can be no certainty that Frasers' interest will result in a firm offer for the company," Revolution added in a statement.

The beauty brand is sold in thousands of stores across the UK, including Superdrug.

It's popular with younger beauty fans and has had collaborations with Love Island.

But it's had a sharp decline in value, with its share price slumping 70% over the past year.

The company has faced accounting investigations and previously reached a multimillion-pound settlement with its founder.

Revolution formally put itself up for sale last month.

It said at the time it had been approached by an unnamed suitor.

The brand said it was evaluating its options and invited other suitors to contact its advisers.

Investment bank Panmure Liberum is handling the process.

Mike Ashley's Frasers Group has previously snapped up stakes in businesses including THG, which owns online beauty retailer LookFantastic.

Sky News has reported that any offer for Revolution Beauty is expected to be modest and not much more than its current valuation.

What do we know about Frasers Group?

Retail giant Frasers Group is owned by billionaire Mike Ashley.

The tycoon has built a reputation over the last four decades as a relentless deal-maker and a high street giant.

Frasers Group started as a small store in Maidenhead in 1982 but has since grown into a huge global brand.