Fashion retailer Quiz is poised to go public – Herald Scotland

QUIZ, the Glasgow-based clothes retailer, has unveiled plans to float on the inventory market in a transfer speculated to worth the enterprise at £200 million.

The quick-rising womenswear firm, which targets the 16 to 35 yr outdated market, declared the transfer would enable it to step up progress and provides its founding shareholders the possibility to money out on a part of their funding.

The agency, which can proceed to be majority-owned by founder Tarak Ramzan after the float, has not disclosed what share of the corporate might be provided, or what the shares might be priced at.

The newest accounts for Quiz present income up 30 per cent to £89.8m, with earnings earlier than curiosity, tax, depreciation and amortisation rising to £10.3m from £7.1m.

It is understood that Quiz is trying to increase £10m in new cash from the float, with the corporate hoping that dealing within the shares will start on the Various Funding Market (AIM) subsequent month. Institutional traders are being focused with the inserting.

Underneath the plan, Quiz would develop into the primary Scottish enterprise to float this yr, following the admission in November of Edinburgh accounting software program agency FreeAgent to the junior itemizing.

Whereas the autumn-out from the Brexit vote and the present political uncertainty has affected the flotation ambitions of some corporations, Quiz would seem to be satisfied its progress potential means it is the precise time for the transfer.

The enterprise, which has 73 standalone shops and 167 concessions all through the UK and Eire, is experiencing speedy progress on-line, with web gross sales rising 42 per cent within the final two years. Quiz, which describes itself as a “quick trend” retailer, would observe on-line clothes specialists ASOS and in becoming a member of the inventory market.

The flotation plans additionally comes as Quiz is experiencing speedy progress outdoors the UK. Worldwide gross sales have grown by 64.2 per cent since 2015, the agency stated, with Quiz now current in 19 nations via round 70 worldwide franchise shops.

It declared plans yesterday to open 20 new shops and 20 new concessions within the UK within the subsequent two years, and to open standalone shops in Spain and concessions in Cyprus, the US and Central America over the identical interval. And it is aiming to construct its presence within the Center East and the Far East.

The enlargement underway at Quiz marks a outstanding turnaround for the enterprise within the final eight years.

In 2009 the clothes chain collapsed into administration just for Mr Ramzan and his household to purchase again the majority of the enterprise on the identical day in a “pre-pack” deal.

Quiz, which at the moment employs round ,350 within the UK and Eire, was initially based by Mr Ramzan in 1993.

Mr Ramzan stated in a press release yesterday: “Quiz is a robust and distinctive omni-channel trend model with a transparent buyer and product focus.

“We're delighted to announce the Group’s intention to float on AIM and we're assured that this may assist allow the model to obtain its thrilling international potential.

“Quick trend is in Quiz’s DNA and our ‘simply in time’ mannequin ensures that we're at all times responding in actual time to new developments as they emerge. This permits Quiz to at all times supply unbelievable worth and high quality merchandise that make trend ahead females really feel glamorous and stand out from the gang.”

The corporate stated yesterday that it deliberate to appoint Peter Cowgill, government chairman of Tiso outside chain proprietor JD Sports activities, as unbiased non-government chairman. Charlotte O’Sullivan might be appointed non-government director on the agency, which has already added Roger Mather to the board in that capability. “The Group consider that these appointments will carry vital expertise to, and complement the present talent set of, the Board,” the corporate stated.

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Fashion retailer Quiz is poised to go public - Herald Scotland