Quiz lenders said to have drafted in restructuring advisers Interpath

(Sharecast News) - Lenders to online fashion retailer Quiz have reportedly drafted in restructuring advisers days before it is due to hold a vote on delisting from the London stock market.

According to Sky News, Quiz's principal lender - understood to be HSBC - has hired Interpath to advise it on the growing crisis at the company.

Quiz, which flagged last month doubts about its going concern status, is chaired by former JD Sports boss Peter Cowgill.

The retailer operates roughly 60 standalone stores and dozens more concessions, employing about 1,500 people.

It plans to hold a shareholder vote this week in order to delist from the public markets.

"Given the disappointing level of revenues in the important Christmas trading period, as announced on 6 December 2024, the cash headroom available to the business is less than previously anticipated," Quiz said last month.

"As a result, the board anticipates that additional funding will be required by the group in early 2025."

It also said it had a £4m borrowing facility which expires at the end of June and which is repayable on demand.