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Quiz eyes rapid expansion as it gears up for IPO

Glasgow-based womenswear retailer Quiz will list on the London Stock Exchange’s junior Alternative Investment Market (Aim) next Friday, 28 July, and will use the money raised to accelerate its growth.

The flotation will value Quiz at £200m. The placing has been set at 161p per share, and is set to raise £102.7m – £92.1m for the selling shareholders and £10.6m for the company.

The funds will be used to accelerate business growth, which includes a target of opening 20 UK stores and concessions in the next two years.

Quiz is looking to launch six standalone stores in Madrid and four franchise stores in Central America within the financial year.

It is also planning to open concessions with existing and new partners in Cyprus and the Middle East, including Iran. The US and Far East were earmarked for expansion, too. 

Quiz said it is planning to grow its online business by launching several international websites, and has been collaborating with Debenhams, House of Fraser, Lipsy and Zalando to increase its online reach.

Existing shareholders will hold approximately 48.7% of the company’s enlarged share capital, while directors will hold around 25.8% of its issued ordinary share capital. It is now applying for the admission of its entire issued share capital on Aim.

Trading is expected to commence at 8am on 28 July.

Peter Cowgill, incoming non-executive chairman at Quiz, said: “We are looking forward to achieving further growth and success for all stakeholders as a public company.”

Tarak Ramzan, founder and chief executive at Quiz, added: “We are confident that the company’s admission to Aim will help Quiz to deliver its clear omni-channel growth strategy and enable the brand to achieve its hugely exciting global potential.”

 

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