The chief executive of Revolution Beauty would step down as part of a compromise deal being thrashed out to resolve a bitter fight with Boohoo, the online fashion retailer.

Sky News has learnt that Bob Holt would relinquish his role running the company – weeks after he was ousted by Revolution shareholders at its annual meeting, before being reappointed just hours later.

It was unclear whether he would resign immediately or step down when a successor was appointed.

Mr Holt’s scalp would be one of the key elements of a peace agreement being hammered out between the beauty products retailer and Boohoo, which owns 26.6% of Revolution.

The other aspects of the deal were unclear on Tuesday morning.

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Mr Holt has been chief executive of Revolution for just eight months, having been parachuted into the role amid an accounting scandal which saw the company’s shares suspended.

In a stock exchange announcement on Monday, Revolution published notice of an extraordinary general meeting (EGM) requisitioned by Boohoo, with resolutions including Mr Holt’s removal as a director.

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However, it added: “The oard believes that a compromise position with Boohoo is close and could be reached in the coming days.

“If the board were able to reach a compromise, this would avoid the expense, administrative burden and other detrimental consequences for the company that would result from the General Meeting.”

Sky News revealed at the weekend that Boohoo was drafting a letter to the AIM regulatory authorities demanding that Revolution clarify an earlier stock exchange announcement that the online clothing retailer had obstructed efforts to finalise its accounts.

Boohoo also wants assurances that voting decisions at a forthcoming Revolution Beauty EGM are upheld and not subsequently overturned.

Insiders said Boohoo was considering requisitioning a second extraordinary general meeting in the coming days to remove additional Revolution directors and appoint more independent board members.

Boohoo has accused Revolution of riding roughshod over corporate governance best practice by defying the wishes of shareholders by reappointing three executives immediately after they were removed at its annual meeting last month.

It accused Revolution’s board of being motivated by greed, because it enabled the reinstated directors to receive share options worth millions of pounds.

Revolution has rejected the claims, saying that the trio’s reappointment was necessary to facilitate the resumption of trading in its shares.

Boohoo and Revolution both declined to comment.

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