The fund chiefs waiting on a Revolution to succeed

JUPITER Fund Management made headlines when it halved its stake in THG last week.

But if it took a decisive approach on its holding in Matt Moulding’s struggling e-retailer, it has adopted more of a ‘slow and steady’ attitude towards Revolution Beauty. Jupiter was a cornerstone investor in the cosmetics group when it floated last July, but has gradually pared back its 18 per cent slice to 11.51 per cent.

It was in good company. Other investors have included Boohoo founder Mahmud Kamani and none other than Moulding.

Now Jupiter’s fund managers may be grateful they cut at least some of their losses, after Revolution’s shares nosedived last week when it warned auditors had raised issues about its already-delayed maiden results.

It’s not been such a great start for the debutante which, after a confident debut and a raft of ambitious targets, has flagged there will be a big hit to the accounts.

THE takeover fun and games at North Sea oil group Serica Energy are all over after suitor Kistos walked away on Tuesday.

Weeks of wrangling saw Kistos make several offers for Serica, which produces about 5 per cent of Britain’s gas supply, only for Serica to turn the tables and propose a swoop on its smaller rival.

Still, the end of the tie-up talks hasn’t dented Serica’s share price, meaning Britain’s canniest retail investor couple David and Debbie Hardy are still sitting pretty. The building firm operators reportedly spent £1million snapping up stock in 2014 and 2015.

At Serica’s current value of £1.1billion, their holding is still worth more than £100million, despite looming threats of a higher windfall tax.