Last checked at 21 Apr 2020 12:51
Quiz plc
("QUIZ" or the "Group")
Extension to banking facilities
QUIZ, the omni-channel fast fashion brand, announces that is has agreed an extension of its existing banking facilities with HSBC, which had previously been due to expire on 23 April 2020, until the end of July 2020.
As previously announced by QUIZ, the Group is continuing to take steps to preserve cash by eliminating non-essential spend, postponing capital projects, substantially reducing stock intakes and deferring payments wherever possible. Given the ongoing uncertainty regarding the duration of the COVID-19 outbreak, the Board is undertaking a review of various potential short- and medium-term trading scenarios and has therefore sought to extend its existing facilities while this review is undertaken. The Board anticipates providing a further update on the Group's longer-term banking facilities towards the end of June 2020.
The Group confirms that it currently has an overdraft facility of £2.0m and a working facility of £1.5m (a total of £3.5m that can be drawn against) that will remain in place until the end of July 2020. In addition to these facilities, as at 20 April 2020 the Group had net cash of £6.0m.
Tarak Ramzan, CEO of QUIZ commented:
"We are taking the actions needed to preserve cash and manage liquidity throughout this unprecedented and challenging period in order to ensure that QUIZ remains well positioned to deliver its strategic plans over the longer term. We are grateful for the constructive dialogue with and ongoing support of our stakeholders, including colleagues, suppliers and partners as well as our bank, HSBC."
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Notes: This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.
Enquiries:
QUIZ plc | Via Hudson Sandler |
Tarak Ramzan, Chief Executive Officer Gerry Sweeney, Chief Financial Officer Sheraz Ramzan, Chief Commercial Officer |
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Panmure Gordon (Nominated Adviser and Sole Broker) Alina Vaskina / Joanna Langley (Corporate Finance) Erik Anderson (Corporate Broking)
| +44 (0) 207 886 2500 |
Hudson Sandler LLP (Public Relations) | +44 (0) 207 796 4133 |
Alex Brennan Lucy Wollam | quiz@hudsonsandler.com |
About QUIZ
QUIZ is an omni-channel fashion brand, specialising in occasion wear and dressy casual wear. QUIZ delivers a distinct proposition that empowers fashion forward customers to stand out from the crowd.
QUIZ's buying and design teams constantly develop its own product lines, ensuring the latest glamorous looks at value prices. This fast, flexible supply chain, together with the winning formula of style, quality, value and speed-to-market has enabled QUIZ to grow rapidly into an international brand with more than 300 standalone stores, concessions, franchise stores, wholesale partners and international online partners. As at 24 March 2020, QUIZ had 75 stores and 169 concessions in the UK.
QUIZ operates through an omni-channel, fast fashion business model, which encompasses online sales, standalone stores, concessions, international franchises and wholesale arrangements.
To download images please visit: http://www.quizgroup.co.uk/media-download-centre/
For further information:
https://www.quizclothing.co.uk/
http://www.quizgroup.co.uk/