UK high street giant falls into administration owing £40m

A report has revealed the extent of the Glasgow-founded firm’s debt as its 40 UK stores are days away from a decision over their fate.

The companies linked to Quiz Clothing, and its stores are currently being managed by administrators Interpath.

Concerns over closure if a rescue package is not agreed have been raised.

Interpath is expected to update on the administration within days.

All 40 stores are at risk of closure. (Image: Newsquest)

The firm was appointed administrator to Orion Retail Limited, Tarak International Limited and Zandra Systems Limited, collectively trading as Quiz Clothing, in February.

The retail firm, operating for 33 years, has seven concessions in Ireland as well as its 40 stores across the UK, employing 565 staff.

At the point of administration, there were 109 redundancies across Quiz’s head office in Glasgow and distribution centre in Bellshill.

The administrators’ report for Orion Retail Limited shows that in December sums owed to connected parties of £15.4 million and trade creditors of £6.1m outweighed debtors at £13.5m – understood to represent sums owed by other group entities – and stock of £6.7m.

The report covering Tarak International Limited, which operated the group’s website and its overseas concessions, showed debtors at £11.1m and stock of £1.4m, principally, were outweighed by sums owed to connected parties of £9.5m and trade creditors £3.7m.

Zandra Systems Limited has no employees and its sole purpose is to hold an IT records contract.

The Zandra report stated: “To the extent the company has required to meet any fees and costs, we understand that, latterly, these would have been funded via loans provided by the company’s sole secured creditor, Zesta Ventures Limited.

“We understand Zesta Ventures Limited is owed approximately £6m by the group – albeit, we have yet to receive details of its indebtedness at appointment.”

The administrators said in the March 16 report: “We presently anticipate the administration trading period could last until mid-May 2026.

“Albeit, and with support from Hilco, trading performance is being monitored on a daily basis and paring back of operations will be implemented as it is considered necessary over the coming weeks.

“During the period immediately following our appointment – with news of the appointment having received local and national media coverage – we liaised with several parties who had expressed an interest in the company’s business and assets.

“To date, no offers have been received for the company’s business on a going concern basis.”