// Quiz has extended banking facilities with HSBC until October
// The facilities have been doubled from £1.75 million to £3.5 million
Quiz has doubled its banking facilities with HSBC, from £1.75 million to £3.5 million.
It comprises of an overdraft of £2 million and a working capital facility of £1.5 million, which will remain in place until October.
Meanwhile, there are no financial covenants applicable, as of August 13, the fashion retailer had net cash of £5.7 million.
- Quiz suspends Leicester supplier over living wage conditions
- 93 jobs lost as Quiz property arm falls into administration
In April, Quiz had extended its existing banking facilities until the end of July.
The facilities, with HSBC, had been due to expire on April 23. Quiz had a net cash of £6 million as of April 20.
In June, Quiz was seeking to appoint administrators to its wholly owned subsidiary in an effort to revive its store portfolio after Kast Retail Limited made the decision to seek administrators from KPMG.
Quiz said it was “proposing to subsequently acquire from Kast (acting through its administrators) the business and certain assets of Kast for a cash consideration of £1.3 million”.
Zandra Retail Limited, another wholly owned subsidiary of Quiz, acquired the business assets of Kast after the appointment of administrators.
As a result, 93 of the 915 staff of the Kast subsidiary were made redundant.
The retailer blamed the administration on the enforced closure of stores due to the coronavirus pandemic.
The fast fashion retailer has 82 standalone stores in the UK and Republic of Ireland.