Fashion retailer Quiz faces the possibility of entering administration amid ongoing fiscal challenges following its removal from the London Stock Exchange (LSE).
The brand is preparing to appoint administrators by early February 2025, as reported by Sky News.
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Management consultant company Teneo is expected to take on the role.
A recent report by the publication highlighted that HSBC, Quiz’s principal creditor, had engaged the services of Interpath’s restructuring specialists for counsel.
Quiz operates 60 standalone outlets alongside numerous concession stands and employs 1,500 people.
It remains unclear whether the administration will impact its workforce and store network.
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By GlobalDataQuiz launched a strategic review of its business in 2023 as its revenue dropped in the first half of the fiscal year 2024.
For the six months ending 30 September 2024, it posted a pre-tax loss of £4.7m, compared to a loss of £1.5m in the same period the previous year. During this period, the company’s revenue declined by 7.6% to £39.1m.
As of 26 December 2024, the group reported net borrowings of £3.5m and total available liquidity of £0.5m.
Due to lower-than-expected revenues during the crucial Christmas 2024 trading period, its available cash reserves are now below earlier projections.
The board therefore expects that the group will need to secure additional funding in early 2025.
