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Quiz has proposed plans to cancel its listing on the Alternative Investment Market (AIM) and re-register as a private company as a result of financial difficulties.
The retailer is seeking investor approval for the move at its next general meeting scheduled for 8 January 2025.
The vote will need a 75% majority from shareholders to pass, with the move expected to take effect on 23 January 2025 should it pass.
Founder Tarak Ramzan and his family, along with major investors Tajveer and Amraj Gill, are all set to vote in favour of the move.
Quiz has stated that the considerable cost, management time and the legal and regulatory burden associated with maintaining the Company’s admission to trading on AIM is one of the reasons behind the move.
It also believes it is more “appropriate and practical” to undergo any changes to its cost base as a private limited company without the constraints of announcement obligations and significant confidentiality constraints.
Alongside this, operating as a private company will provide greater flexibility as to board structure potentially including financial benefits.
Following a “disappointing level” of sales during November the company revealed it only has £1.2m liquidity headroom.
In October chief financial officer Gerry Sweeney announced he was set to leave the business after more than eight years.
