Quiz granted breathing space until the end of October

Glasgow-based fashion company Quiz has agreed two months of breathing space with HSBC after agreeing an extension of its existing banking facilities from £1.75 million to £3.50m.

Quiz granted breathing space until the end of October

The deal which expires at the end of October, arrives just two months after the retailer put its loss-making Kast Retail division into administration. The move saw 11 stores close and 93 jobs lost.

Before the coronavirus lockdown restrictions were imposed, Quiz had issued a series of profit warnings last year as the brand suffered from plummeting sales in its stores. 

After the closure of stores during COVID-19, the firm moved to online trading only until stores were allowed to reopen when restrictions were eased.

The new banking arrangements include an overdraft facility of £2m and working capital of £1.5m, both of which will remain in place until the end of October, with no financial covenants.

Quiz revealed that at August 13 the group had net cash of £5.7m.

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