Glasgow-based fashion firm Quiz plc has appointed chief commercial officer Sheraz Ramzan as its new CEO amid an ongoing review of strategic options led by non-executive chairman Peter Cowgill.

Cowgill, former executive chairman of Bury-based FTSE 100 retailer JD Sports Fashion, has agreed to take on a more active role in supporting Quiz through to the conclusion of the review of strategic options.

Quiz said Ramzan will implement a turnaround strategy with the aim of moving the business back into profitable growth. Quiz shares have fallen about 60% in the past year to reduce its stock market value to around £7 million.

“Tarak Ramzan, chief executive officer (CEO) and founder of the business, is to step down as CEO with immediate effect,” said Quiz. “Further to this, Tarak, as the largest shareholder of the company, will assume a non-executive director role. Having founded the business, Tarak will remain available to the business as required, to ensure a smooth handover of responsibilities. Tarak remains a highly supportive shareholder in the business.

“Sheraz Ramzan, current chief commercial officer, has been appointed as chief executive officer with immediate effect. Sheraz has served as the company’s chief commercial officer since 2004 and has been an executive director of the company since IPO in 2017.

“Sheraz brings a fresh approach along with extensive experience and knowledge of the business. He will implement a turnaround strategy to recalibrate the QUIZ brand, its product offering, and reconnect with consumers with the aim of moving the business back into profitable growth.

“Peter Cowgill, non-executive chairman of the company, has agreed to take on a more active role in supporting the company through to conclusion of the ongoing review of strategic options and supporting Sheraz’s transition into his new role.

“Peter has 30+ years of retail expertise, including his success in driving the strong performance of JD Sports as executive chairman. He will work closely with Sheraz in initiating the turnaround strategy and actioning any strategic outcomes from the ongoing review.”

Quiz continues to search for at least one additional independent non-executive director following Charlotte O’Sullivan’s departure in November 2023.

Tarak Ramzan has agreed to waive 50% of the payments contractually due to him with regards to his notice period and has agreed to waive any fees as a non-executive director for the next 12 months.

Quiz also published a trading update, saying: “Sales in the period from 1 January to 29 February 2024 amounted to £8.6 million, a £0.9 million or 9% reduction on the prior year period from 1 January to 28 February 2023.  Cumulative sales for the period from 1 April 2023 to 29 February 2024 amounted to £74.4 million, a £10.3 million or a 12% reduction on the prior year period from 1 April 2022 to 28 February 2023 …

“The group is encouraged by the recent increase in demand for QUIZ product in international territories, which accounts for over 10% of revenue. It is pleased with the reaction to this season’s international ranges, particularly in Saudi Arabia following the establishment of a new franchise partnership with the Al Othaim Group. In addition, there has been a positive uplift in demand from our partners in the United States as this business becomes more established.”