Quiz shares rise as it extends banking facilities

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.”

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Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.