Lenders to troubled fashion business Quiz Clothing have recruited restructuring advisers days before the vote on delisting from the London Stock Exchange.
Sky News has learned that Quiz’s main lender – reportedly HSBC – has hired Interpath to advise it on the company’s growing crisis.
Quiz, which last month reported doubts about its going concern, is chaired by Peter Cowgill, the former boss of JD Sports Fashion.
The company operates about 60 stand-alone stores and dozens of other concessions, employing about 1,500 people.
It plans to hold a shareholder vote this week to withdraw from the public markets.
“Given the disappointing level of revenues during the important Christmas trading period, as announced on December 6, 2024, the cash margin available to the company is lower than previously anticipated,” Quiz said. last month.
“As a result, the board anticipates that additional funding will be required by the group in early 2025.”
He added that he had a £4m borrowing facility which expires at the end of June which he said was repayable on demand.
Quiz’s problems come against a backdrop of growing financial pressure on retailers, many of which will face an ever-increasing challenge in 2025 due to looming increases in employers’ national insurance.
Both Interpath and Quiz declined to comment.