Quiz to float on AIM
Quiz, the fast fashion retailer, has announced plans to float on London's Alternative Investment Market.
The company will use the funds raised to accelerate growth and to allow the founding shareholders to realise part of their investment.
Focusing on occasion wear and dressy casual wear aimed at 16 to 35 year olds, the company increased its revenues by 21% per annum to £89.8 million between 2015 and 2017. During the same period, EBITDA growth was 30.6%.
Operating over 300 standalone stores, concessions and franchise stores, Quiz has recently increased its investment in its supply chain, IT systems and stores to support future growth.
Tarak Ramzan, chief executive of Quiz, said: "Quiz is a strong and distinctive omnichannel fashion brand with a clear customer and product focus. We are delighted to announce the group's intention to float on AIM and we are confident that this will help enable the brand to achieve its exciting global potential.”
With the flotation expected to happen in July 2017, Quiz intends to appoint Peter Cowgill as independent non-executive chairman on admission.
Cowgill said: "I am delighted to be joining Quiz at this exciting time. Quiz is a dynamic company with a fantastic product offering and proven routes to market. The Group is ideally placed to capitalise on a wide range of growth opportunities, particularly online, where the brand has experienced very strong growth."
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