Young fashion brand Quiz says it is expecting to make a £400,000 provision in its next set of financial accounts relating to debt owed by House of Fraser.
The company is expecting to make a £400,000 accounting provision in its next set of financial accounts, primarily related to “debtor balances” from its relationship with the department store, which was bought by Mike Ashley’s Sports Direct in a pre-pack administration deal last month.
The brand operated 11 HoF concessions and sold its products through the department store’s website.
Quiz says it continues to operate through its HoF concessions and expects to trade as usual going forward.
In a statement ahead of its AGM today, Quiz added that it is now generating stronger growth through its own websites compared with third-party sites. It said its UK stores and concessions had all performed well in the financial year to date, and it is on track to deliver market expectations.
Non-executive chairman Peter Cowgill said: “Despite an uncertain trading environment, we believe that the group, underpinned by the strength of the Quiz brand, as well as its flexible, omnichannel model, remains well positioned for continued strong growth.”
The group will provide a trading update on the six months to 30 September 2018 on 11 October 2018 and will announce its interim results during late November 2018.