Feb 5 (Reuters) - Revolution Beauty said on Monday co-founder and former CEO Adam Minto would pay 2.9 million pounds ($3.66 million) as part of a settlement deal to resolve accounting issues that led to the delay of the group's 2022 results.

The British makeup company had said it was looking to recover "material sums" in related costs, alleging that Minto breached fiduciary and other duties.

Minto, who holds a 15.34% stake in Revolution Beauty, left the makeup and skin care retailer in 2022 after an investigation into the company's accounts.

"Having considered its options and legal advice received, the board of directors believe this is a fair settlement for the company," Revolution Beauty said in a statement.

As part of the settlement, there was no admission or acceptance of liability by either party, the company said.

($1 = 0.7931 pounds) (Reporting by Anchal Rana in Bengaluru; Editing by Dhanya Ann Thoppil and Subhranshu Sahu)