Quiz seeks new funding after ‘disappointing’ Christmas

The retailer’s founders are understood to be considering calling in advisers to explore its options, including new financing and possible store closures, The Telegraph reported.

Quiz blamed a “disappointing” performance over the peak trading period and increased cost pressures from business rates and national minimum wage for weighing on its bottom line.

A Quiz spokesman told The Telegraph: “The shareholders are assessing options available to the business from both internal and external sources.”

“The business has experienced volatile trading in the last 12 months. While sales were stronger than anticipated in the summer, they were disappointing during the critical Christmas period.

“Changing consumer habits, government Budget disruption around peak Black Friday trade, cost pressures from business rates and increases in national minimum wage and national insurance have proved challenging as widely reported across the retail sector.”

The race to secure new financing comes almost a year after Quiz’s founders, the Ramzan family, filed for insolvency, closing 23 of the brand’s shops before buying back the remaining assets as part of a pre-pack deal.

The retailer had warned this time last year that it would run out of cash in early 2025 after poor sales had meant the cash headroom available to the business was less than previously anticipated.