Quiz PLC Extension to banking facilities (3741K)
21 Aprile 2020 - 01:51PM
UK Regulatory
TIDMQUIZ
RNS Number : 3741K
Quiz PLC
21 April 2020
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 GBP2.0m and a working facility of GBP1.5m (a total of GBP3.5m
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 GBP6.0m.
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."
* * * * *
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
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 quiz@hudsonsandler.com
Lucy Wollam
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/
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END
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