Quiz Clothing, the troubled fashion business, is close to collapsing into administration days after its shares were delisted from the London stock market.
Sky News has learnt that Quiz, which is chaired by the former JD Sports chief Peter Cowgill, is lining up Teneo as administrator in a move expected to take place before the end of next week.
The pre-pack insolvency would be intended to enable the founding Ramzan family to take control of a restructured business with substantially fewer stores and employees.
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Quiz currently operates roughly 60 standalone stores and dozens more concessions, employing about 1,500 people.
Last month, Sky News reported that Quiz’s main lender, HSBC, had hired restructuring experts at Interpath to advise it.
A solvent restructuring of the business is now said to have been effectively ruled out, although one source said the timing of an insolvency filing was still unclear.
Quiz’s troubles come amid growing financial pressure on retailers, many of which are facing a deepening challenge in 2025 as a result of looming hikes to employer’s national insurance.
In the last 10 days alone, Sky News has revealed that: Poundland’s parent has hired advisers to assess options for the leading discount chain; Lakeland, the family-owned kitchenware retailer, has been put up for sale; and that The Original Factory Shop was on the verge of a sale to family office Baaj Capital.
At the weekend, Sky News also revealed that WH Smith was in talks to sell its entire high street chain, numbering 500 stores and about 5,000 employees.
Quiz Clothing, Teneo and Interpath all declined to comment.