Shares of Glasgow-based fashion firm Quiz plc rose about 5% on Thursday after former JD Sports Fashion Plc executive chairman Peter Cowgill purchased 410,000 ordinary shares at 12p each in the company.

Cowgill is non-executive chairman of Quiz.

On Wednesday, Bury-based FTSE 100 retailer JD Sports Fashion announced it reached a £5.5 million agreement with Cowgill “with respect to his departure from the business.”

The deal included a £3.5 million payment for “restrictive covenants” and a £2 million “consultancy agreement.”

JD Sports Fashion announced on May 25 that Cowgill would step down from his role with immediate effect amid a push for stronger governance at the firm.

“Following the purchase, Mr Cowgill’s interest in the company is 503,168 Ordinary Shares, representing 0.40% of the company’s issued share capital,” said Quiz.

“Additionally, Roger Mather, non-executive director, purchased 310,282 ordinary shares at 11.28 pence each in the company on 20 September 2022.

“Following the purchase, Mr Mather’s interest in the company is 322,884 ordinary shares, representing 0.26% of the company’s issued share capital.”