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QUIZ extends banking facilities with HSBC

The total bank facilities available to the fashion designer doubled to £3.5mln from £1.75mln

Quiz PLC - QUIZ extends banking facilities with HSBC

QUIZ PLC (LON:QUIZ) has announced an extension of its existing banking facilities with HSBC in place until the end of October.

The total bank facilities available to the fashion retailer doubled to £3.5mln from £1.75mln, comprising an overdraft facility of £2mln and a working capital facility of £1.5mln.

READ: QUIZ suspends Leicester-based supplier after wages accusation

As of Thursday, the AIM-listed firm had net cash of £5.7mln on top of the debt facilities.

The retailer has been one of the most battered in the sector due to the nature of its clothes, designed for big occasions such as weddings and parties not being as sought after when people mostly stay at home.

The start of lockdown was particularly hard as the company was flooded with returns of new purchases alongside being forced to close shops.

In June QUIZ reacquired its standalone stores division Kast from administration, paying £1.3mln for 82 stores located in the UK and the Republic of Ireland.

Quiz hares added 16% to 7.22p on Friday morning.

-- Adds share price --

Quick facts: Quiz PLC

Price: 8 GBX

Market: AIM
Market Cap: £9.94 m

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