Quiz extends banking facilities as it reviews Covid-19 scenarios

Fast fashion retailer Quiz has secured an extension to its existing banking facilities with HSBC while it reviews potential trading scenarios during the Covid-19 outbreak.

The company’s banking facilities, which were due to expire on 23 April, have been extended until the end of July.

"As previously announced by Quiz, the group is continuing to take steps to preserve cash by eliminating non-essential spend, postponing capital projects, substantially reducing stock intakes and deferring payments wherever possible," it said.

"Given the ongoing uncertainty regarding the duration of the Covid-19 outbreak, the board is undertaking a review of various potential short- and medium-term trading scenarios and has therefore sought to extend its existing facilities while this review is undertaken."

Quiz expects to provide a further update on its longer-term banking facilities towards the end of June.

The company said it currently has an overdraft facility of £2.0m and a working facility of £1.5m that will remain in place until the end of July 2020. In addition, as at 20 April, it had net cash of £6.0m.

Chief executive officer Tarak Ramzan said: "We are taking the actions needed to preserve cash and manage liquidity throughout this unprecedented and challenging period in order to ensure that Quiz remains well positioned to deliver its strategic plans over the longer term."

Last week, Quiz announced that it had reopened its online operations following the implementation of a number of safety measures.