Warpaint London plc (LON:W7L; OTCQX: WPNTF), the specialist supplier of colour cosmetics and owner of the W7, Technic, Skin & Tan, Super Facialist, Dirty Works and Fish Soho brands, has announced the acquisition of the Barry M brand, along with providing a trading update for the year ended 31 December 2025.
Acquisition of the Barry M brand
The Group is pleased to announce, subject to court approval expected later today, the acquisition of the Barry M brand, including its IP, stock and order book, but excluding the manufacturing capabilities and any liabilities, out of administration, for a cash consideration of £1.4 million.
Barry M is a well-established value cosmetics brand, trading in a similar market segment to Warpaint’s cosmetics brands. It also has significant retail distribution channels with one metre plus stands in more than 1,300 stores, including Superdrug (650), Boots (420), Sainsbury’s (120), Tesco (50) and Priceline Australia (90), as well as trading direct to consumers online. Barry M had approximately £15 million of revenue in the year ended 28 February 2025. The acquisition is being financed from Warpaint’s existing cash resources. The Group has a strong balance sheet with cash balances of £18 million as at 31 January 2026 (31 January 2025: £9 million).
FY25 Trading Update
Warpaint’s revenue for FY25 is expected to be approximately £105 million (2024: £102 million), at an improved gross margin, including a contribution of £12 million from Brand Architekts. The Group successfully delivered its expected strong second half rollout programme into new retail outlets, including with Superdrug, Tesco, Boots, Tigota, Etos and CVS. However, as outlined in the Company’s interim results announced on 10 September 2025 revenue was negatively impacted by the closure of Bodycare (-£3 million), a significant customer to Technic, the challenging consumer and customer environment (-£4 million), and business lost as a result of US tariff uncertainty earlier in the year leading to stalled momentum in the US (-£2 million).
Group Adjusted EBITDA* for FY25 is expected to be approximately £22 million (2024: £25 million), impacted by the factors outlined above. The Brand Architekt business generated a positive Adjusted EBITDA* contribution of £0.8 million in FY25 (2024: approximate £1 million loss), having been successfully integrated into the Group since its acquisition in February 2025, enabling improved sourcing of product and delivering the expected year one synergies.
The Company expects to release its results for the year ended 31 December 2025 in late April 2026.
Commenting, Sam Bazini, Chief Executive Officer of Warpaint London, said: “Looking ahead to the new year, we expect to see a return to organic growth across the Group and also expect to be able to update the market on further significant new customer roll outs with our full year results in April. In addition, we are delighted to announce today the acquisition of the Barry M brand, which is expected to accelerate our penetration into key UK retail channels.
“Despite the 2025 results being heavily impacted by the very challenging macroeconomic environment seen during the year, we were pleased with the progress made in many areas of the Group. In particular with the Brand Architekts business, which delivered a profit in year one and we look forward to developing the further opportunities we see for this business. Across the Group, we remain very well positioned for the future, with a focus on achieving additional improvements in margins and further roll-outs to new retail outlets.”
Note: All figures used in this announcement, other than those in respect of the financial year ended 31 December 2024, remain subject to audit.
* Adjusted for foreign exchange movements, share-based payments and acquisition-related expenses.
