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Quiz has announced that its shareholders have approved the delisting of the retailer from AIM and its return to private ownership.
In an official announcement, Quiz shared that 98.6% of shareholders backed the resolutions. Following the approval, the retailer will cease trading on AIM at 7:00 a.m on 23 January 2025.
The company will then re-register as a private limited company, which is expected to take place in or around the week commencing 27 January.
The decision to delist the retailer came at the end of December as a result of financial difficulties. At that time, Quiz 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.
The retailer 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.
The shareholders approval comes as Quiz reported an increase in pre-tax losses to £4.7m in the six months to 30 September 2024. Online sales for the group dropped 15.9% to £10.6m YoY, while in-store sales dipped 7.7% to £20.3m during the period.
In the latest financial statement, Quiz revealed that as a result of the challenging trading environment, revenues in December continued to “fall short of management’s expectations and have not compensated for the shortfall in revenues experienced in November”.
