Source - LSE Regulatory
RNS Number : 6713E
Quiz PLC
08 July 2021
 

 

 

 

 

 

 

 

QUIZ Group Plc

("QUIZ" or the "Group")

 

Insolvency of Kast Spain International SL ("Kast Spain")

 

As announced by QUIZ on 10 June 2020, Kast Retail Limited ("Kast"), which operated the Group's standalone stores in the United Kingdom and Ireland, was placed into administration (the "Administration") on that date. 

Further to the Administration, on 29 June 2020 an Insolvency Practitioner in Spain was appointed to oversee an insolvency process in relation to Kast Spain, the wholly owned subsidiary of Kast which operated three now-closed standalone QUIZ stores in Spain. 

At the time Kast Spain entered insolvency Sheraz Ramzan, a director of QUIZ, was the sole director of Kast Spain.

Following his appointment, the Insolvency Practitioner undertook civil court proceedings in Spain in order to examine the events leading up to Kast Spain's insolvency and to establish whether or not any payments should be made by Kast and/or Sheraz Ramzan for the benefit of Kast Spain or its creditors. 

The court has now determined that (a) Kast Spain's insolvency was entered into a timely manner; and (b) neither Kast nor Sheraz Ramzan are required to make any payment for the benefit of Kast Spain or its creditors.  The court also determined Sheraz Ramzan should be restricted from acting as a director of companies incorporated in Spain for a period of two years. 

The Spanish court's decision does not impact Sheraz Ramzan's ability to act as a director in the United Kingdom or in any country other than Spain.  Whilst the Group and Sheraz Ramzan do not anticipate undertaking any business activities in Spain in the foreseeable future, consideration is being given as to whether to appeal this aspect of the court's decision.

Enquiries:

 

QUIZ plc

Via Hudson Sandler

Tarak Ramzan, Chief Executive Officer

Gerry Sweeney, Chief Financial Officer

Sheraz Ramzan, Chief Commercial Officer

 

 

 

Panmure Gordon

(Nominated Adviser and Sole Broker)

Alina Vaskina / Joanna Langley (Corporate Finance)

Erik Anderson (Corporate Broking)

 

+44 (0) 207 886 2500

Hudson Sandler LLP (Public Relations)

+44 (0) 207 796 4133

Alex Brennan / Lucy Wollam

 

quiz@hudsonsandler.com

Notes:

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.

 

About QUIZ:

QUIZ is an omni-channel fashion brand, specialising in occasion wear and dressy casual wear. QUIZ delivers a distinct proposition that empowers its fashion forward customers to stand out from the crowd.

 

QUIZ's buying and design teams constantly develop its own product lines, ensuring the latest glamorous looks at value prices. This fast, flexible supply chain, together with the winning formula of style, quality, value and speed-to-market has enabled QUIZ to grow rapidly into an international brand with standalone stores, concessions, franchise stores, wholesale partners and international online partners in 22 countries.

 

QUIZ operates through an omni-channel business model, which encompasses online sales, standalone stores, concessions, international franchises and wholesale arrangements. 

 

For further information:

https://www.quizclothing.co.uk/

http://www.quizgroup.co.uk/

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCEALXPELXFEFA
Find out how to deal online from £1.50 in a SIPP, ISA or Dealing account. AJBell logo

Related Charts

Quiz PLC (QUIZ)

-0.63p (-10.46%)
delayed 17:30PM