Extension to funding
Quiz agrees new banking facility with HSBC
A further update is due in June
Quiz, the Glasgow-based fast fashion brand, has agreed an extension of its banking facilities with HSBC, which were due to expire on 23 April, until the end of July.
It has already announced that it will preserve cash by eliminating non-essential spend, postponing capital projects, substantially reducing stock intakes and deferring payments wherever possible.
The board said it will give a further update on the group’s longer-term banking facilities towards the end of June.
The group has an overdraft facility of £2m and a working facility of £1.5m and, as at 20 April, net cash of £6m.
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.”