Fashion retailer Quiz is reportedly on the brink of administration days after its shares were delisted from the London Stock Exchange.
Quiz is understood to be lining up administrators at Teneo in a move âexpected to take place before the end of next weekâ, according to Sky News.
A pre-pack insolvency of Quiz would allow its founders, the Ramzan family, to lead the business with fewer stores and employees if it goes ahead.
Quiz currently has a store estate of around 60 and employs around 1,500 people. The fashion retailer also has concessions with third-party partners.
A source said that a solvent restructuring of the business has been âeffectively ruled outâ while another source said the timing of an insolvency filing remains âunclearâ.
The news comes after Sky News also reported last month that Quizâs main lender HSBC had hired restructuring experts at Interpath to advise the business.
Quiz, Teneo and Interpath declined to comment.
Quiz first announced its intention to delist from the London stock market in December last year, and said it wanted to go private as a result of âthe considerable cost, management time, and the legal and regulatory burden associated with maintaining the companyâs admission to trading on AIMâ.
The news comes amid broader financial pressures on high street retailers following Rachel Reevesâ Budget which will see increases to employerâs national insurance in 2025.
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