Troubled fashion brand Revolution Beauty has brought back its former bosses to "reset" the business after failing to secure a buyer.

Co-founders Adam Minto and Tom Allsworth resigned following a series of accounting issues, but on Friday the company said the pair will return to tackle its plummeting sales.

Revolution, which sells make-up and cosmetics online and through concessions, said it had not received any suitable offers since launching a sale process earlier this year and, as a result, it was no longer looking for a buyer.

Frasers Group, owned by businessman Mike Ashley, said it did not plan on making an offer after previously exploring a possible bid.

Frasers Group owns a stake in Boohoo which, in turn, owns a stake in Revolution Beauty - meaning Frasers Group already owns a small chunk of Revolution Beauty.

As part of its attempt to turn the low cost make-up firm around, Revolution Beauty said it would look to raise about £15m by issuing new shares.

The cosmetics company reportedly rejected a takeover bid from specialist private equity firm True earlier this month.

Chairman Iain McDonald said it was "a great brand, but the business has lost its way".