TIDMQUIZ

RNS Number : 6713E

Quiz PLC

08 July 2021

QUIZ Group Plc

("QUIZ" or the "Group")

Insolvency of Kast Spain International SL ("Kast Spain")

As announced by QUIZ on 10 June 2020, Kast Retail Limited ("Kast"), which operated the Group's standalone stores in the United Kingdom and Ireland, was placed into administration (the "Administration") on that date.

Further to the Administration, on 29 June 2020 an Insolvency Practitioner in Spain was appointed to oversee an insolvency process in relation to Kast Spain, the wholly owned subsidiary of Kast which operated three now-closed standalone QUIZ stores in Spain.

At the time Kast Spain entered insolvency Sheraz Ramzan, a director of QUIZ, was the sole director of Kast Spain.

Following his appointment, the Insolvency Practitioner undertook civil court proceedings in Spain in order to examine the events leading up to Kast Spain's insolvency and to establish whether or not any payments should be made by Kast and/or Sheraz Ramzan for the benefit of Kast Spain or its creditors.

The court has now determined that (a) Kast Spain's insolvency was entered into a timely manner; and (b) neither Kast nor Sheraz Ramzan are required to make any payment for the benefit of Kast Spain or its creditors. The court also determined Sheraz Ramzan should be restricted from acting as a director of companies incorporated in Spain for a period of two years.

The Spanish court's decision does not impact Sheraz Ramzan's ability to act as a director in the United Kingdom or in any country other than Spain. Whilst the Group and Sheraz Ramzan do not anticipate undertaking any business activities in Spain in the foreseeable future, consideration is being given as to whether to appeal this aspect of the court's decision.

Enquiries:

 
 QUIZ plc                                 Via Hudson Sandler 
 Tarak Ramzan, Chief Executive 
  Officer 
  Gerry Sweeney, Chief Financial 
  Officer 
  Sheraz Ramzan, Chief Commercial 
  Officer 
 
 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 
 

Notes:

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.

About QUIZ :

QUIZ is an omni-channel fashion brand, specialising in occasion wear and dressy casual wear. QUIZ delivers a distinct proposition that empowers its 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 standalone stores, concessions, franchise stores, wholesale partners and international online partners in 22 countries.

QUIZ operates through an omni-channel business model, which encompasses online sales, standalone stores, concessions, international franchises and wholesale arrangements.

For further information:

https://www.quizclothing.co.uk/

http://www.quizgroup.co.uk/

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END

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July 08, 2021 10:51 ET (14:51 GMT)

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