Quiz PLC Insolvency of Kast Spain International SL (6713E)
08 Luglio 2021 - 04:51PM
UK Regulatory
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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