Quiz to quit stock exchange to cut costs in challenging conditions

The retailer will hold a shareholder meeting next month to approve the voluntary cancellation and has received irrevocable undertakings to back the move from leading shareholders including members of the founding Ramzan family.

Quiz launched a strategic review earlier this month following difficult trading.

Explaining its plan to go private, the retailer cited “the considerable cost, management time and the legal and regulatory burden associated with maintaining the company’s admission to trading on AIM”.

It added: “Time and cost savings associated with the cancellation and re-registration could be better utilised for the benefit of the company providing an extended cash runway to capitalise on growth opportunities.”

Quiz said it must “address its cost base to achieve a profitable foundation” and “the board therefore believes it is more appropriate and practical to undergo any changes as a private limited company without the constraints of announcement obligations and significant confidentiality constraints”.

Majority shareholder Tarak Ramzan has already agreed to provide the retailer with a £1m loan, but that is subject to approval from Quiz’s existing main lender.

The retailer said: “Subject to trading and/or provision of this loan, the group anticipates that additional funding will be required in the first quarter of 2025 but believes maintaining a listing on AIM is not likely to provide significant additional or more cost-effective options for funding.”