Troubled Glasgow fashion firm Quiz plc announced on Friday that after more than eight years with the group, Gerry Sweeney has informed the board of his intention to step down as chief financial officer and company secretary.

“Gerry will remain with the group until 31 March 2025 to enable a smooth transition of responsibilities to his successor,” said Quiz.

“The recruitment process to find Gerry’s successor has commenced and the company will share an update in due course.”

On August 29, Quiz said it had started discussions with Tarak Ramzan, the company’s founder and largest shareholder, about a £1 million loan “to provide additional liquidity headroom for working capital purposes.”

Also on August 29, Quiz published delayed results for the year ended March 31, 2024, showing a loss before tax of £6.7 million compared to a £2.3 million profit in the prior year, and a 10.6% decline in revenue to £82 million.

In March, Quiz appointed chief commercial officer Sheraz Ramzan as its new CEO amid an ongoing review of strategic options led by its non-executive chairman Peter Cowgill, former executive chairman of Bury-based FTSE 100 retailer JD Sports Fashion.

Ramzan said on Friday: “On behalf of everyone at QUIZ I would like to thank Gerry for his commitment and valued input over the past eight years.

“Whilst Gerry will continue in his role over the coming months while we search for a successor, we wish him the very best in his future endeavours.”

Sweeney said: “After more than eight years in the role, I felt that now is the right time to step back and consider new opportunities.

“I firmly believe in QUIZ’s turnaround potential under Sheraz’s leadership, and that the business will return to profitable growth.

“It has been a pleasure to work with the rest of the board and broader QUIZ team since 2016. I remain fully committed to the business over the coming months and ensuring a smooth transition of responsibilities in due course.”

Quiz is due to hold its AGM at 61 Hydepark Street, Glasgow, on October 17.