Shares of embattled Glasgow-based fashion firm Quiz rose about 13% on Friday after it announced it has agreed an extension of its existing banking facilities with HSBC.
Quiz shares rose to around 7p. Two years ago, the firm’s stock was trading around 150p.
“The group confirms that the total bank facilities currently available to it has increased from £1.75m to £3.50m, comprising an overdraft facility of £2.0m and a working capital facility of £1.5m,” said Quiz in a stock exchange statement.
“The facilities will remain in place until the end of October 2020.
“There are no financial covenants applicable to the facilities.
“In addition to the facilities, as at 13 August 2020 the group had net cash of £5.70m.”