Glasgow firm heads to market
Quiz Clothing confirms £200m Aim flotation
Womenswear retailer Quiz has confirmed it will float on the Alternative Investment Market in an offering that is expected to value the company at £200 million.
The Glasgow-based business wants to raise funds to accelerate growth and allow the company’s founders, including chief executive Tarak Ramzan, to liquidate part of their holdings.
It will join Aim from next month via a placing of shares.
Quiz, which has 73 standalone stores and 167 concessions in the UK and Ireland, had revenues of £89.8 million last year on operating profit of £10.3m. The group operates in 19 countries through 70 international franchise stores and concessions. It employs 1,350 staff.
Daily Business revealed the company’s plans to join the stock market in April when it emerged that the company was seeking new finance.
Recently, the group increased its investment in its supply chain, IT systems and stores, including opening a new 180,000 sq. ft. distribution centre in Glasgow during 2016, to provide a strong platform to support future growth.
Peter Cowgill will be appointed non-executive chairman and Charlotte O’Sullivan a non-executive director. It has already appointed Roger Mather as a non-executive director.
The company is planning to launch a number of e-commerce websites internationally tailored for each country’s market, and in foreign languages where necessary.
It is targeting 14 new standalone stores in 2018, and six in 2019.
Mr Ramzan said: “Quiz is a strong and distinctive omni-channel fashion brand with a clear customer and product focus. Fast fashion is in Quiz’s DNA and our ‘just in time’ model ensures that we are always responding in real time to new trends as they emerge.
“I am very confident that we have a well-invested infrastructure, a fantastic team and a clear strategy to accelerate further the growth of the Quiz brand across all channels and markets.”