QUIZ, the Glasgow-based clothing retailer, has unveiled plans to float on the stock market in a move speculated to value the business at £200 million.

The fast-growing womenswear company, which targets the 16 to 35 year old market, declared the move would allow it to step up growth and give its founding shareholders the chance to cash out on part of their investment.

The firm, which will continue to be majority-owned by founder Tarak Ramzan after the float, has not disclosed what percentage of the company will be offered, or what the shares will be priced at.

The latest accounts for Quiz show revenue up 30 per cent to £89.8m, with earnings before interest, tax, depreciation and amortisation rising to £10.3m from £7.1m.

It is understood that Quiz is looking to raise £10m in new money from the float, with the company hoping that dealing in the shares will commence on the Alternative Investment Market (AIM) next month. Institutional and professional investors are being targeted with the placing.

Under the plan, Quiz would become the first Scottish business to float this year, following the admission in November of Edinburgh accounting software firm FreeAgent to the junior listing.

While the fall-out from the Brexit vote and the current political uncertainty has affected the flotation ambitions of some companies, Quiz would appear to be convinced its growth potential means it is the right time for the move.

The business, which has 73 standalone stores and 167 concessions throughout the UK and Ireland, is experiencing rapid growth online, with internet sales rising 42 per cent in the last two years. Quiz, which describes itself as a “fast fashion” retailer, would follow online clothing specialists ASOS and Boohoo.com in joining the stock market.

The flotation plans also comes as Quiz is experiencing rapid growth outside the UK. International sales have grown by 64.2 per cent since 2015, the firm said, with Quiz now present in 19 countries through around 70 international franchise stores.

It declared plans yesterday to open 20 new stores and 20 new concessions in the UK in the next two years, and to open standalone stores in Spain and concessions in Cyprus, the US and Central America over the same period. And it is aiming to build its presence in the Middle East and the Far East.

The expansion underway at Quiz marks a remarkable turnaround for the business in the last eight years.

In 2009 the clothing chain collapsed into administration only for Mr Ramzan and his family to buy back the bulk of the business on the same day in a “pre-pack” deal.

Quiz, which today employs around 1,350 in the UK and Ireland, was originally founded by Mr Ramzan in 1993.

Mr Ramzan said in a statement yesterday: “Quiz is a strong and distinctive omni-channel fashion brand with a clear customer and product focus.

“We are delighted to announce the Group’s intention to float on AIM and we are confident that this will help enable the brand to achieve its exciting global potential.

“Fast fashion is in Quiz’s DNA and our ‘just in time’ model ensures that we are always responding in real time to new trends as they emerge. This enables Quiz to always offer fantastic value and quality products that make fashion forward females feel glamorous and stand out from the crowd.”

The company said yesterday that it planned to appoint Peter Cowgill, executive chairman of Tiso outdoor chain owner JD Sports, as independent non-executive chairman. Charlotte O’Sullivan will be appointed non-executive director at the firm, which has already added Roger Mather to the board in that capacity. “The Group believe that these appointments will bring significant experience to, and complement the existing skill set of, the Board,” the company said.

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