Slump: Quiz posted an 11% fall in sales to £27.3m in the second half of the year
Fashion group Quiz is in talks with founder Tarak Ramzan over a £1million loan after posting heavy losses.
The label has liquidity headroom of just £2.3million – £400,000 cash and £1.9million of undrawn banking facilities – while Ramzan is understood to be worth around £160million.
Quiz posted an 11 per cent fall in sales to £27.3million in the second half of the year, resulting in a loss of £6.7million, compared to a profit of £2.3million a year earlier.
orse may come in the next six months, it said. In March it appointed chief executive Sheraz Ramzan – Tarak’s son – to instigate a turnaround.
Sheraz has undertaken a restructuring of merchandising and buying, a more inspirational image and has expanded distribution.
Sheraz Ramzan said: ‘Whilst these results are disappointing we have a clear plan to improve performance but the turnaround will take time.’ The shares fell 8.7 per cent, or 0.44p, to 4.63p.
DIY INVESTING PLATFORMS
AJ Bell
AJ Bell
Easy investing and ready-made portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free fund dealing and investment ideas
interactive investor
interactive investor
Flat-fee investing from £4.99 per month
Saxo
Saxo
Get £200 back in trading fees
Trading 212
Trading 212
Free dealing and no account fee
Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.
Compare the best investing account for you
***
Read more at DailyMail.co.uk