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29 January 2021 | 09:29am
StockMarketWire.com - Various Eateries said it has minimised its cash burn during the lockdown after receiving an interim payment under its business interruption insurance policy of £2.5 million.
The group said that whilst this payment does not entirely compensate for the loss of business during the epidemic, it does support overall liquidity.
Negotiations with its insurance company regarding additional claims and the final claim period are still continuing and further updates will be provided in due course.
It added that management continues to expect the availability of prime sites and high-quality staff to provide a backdrop highly conducive to successful expansion.
Various Eateries, the restaurant group founded by hospitality entrepreneur Hugh Osmond, has received an interim payment of £2.5m under its Business Interruption Insurance (BII) policy.
The group, which operates the seven-strong Coppa Club brand and the recently opened Tavolino near in London Bridge, says it has minimised its cash burn during the closure period, and while the insurance payment does not entirely compensate for the loss of business over the period of the epidemic, it did support its overall liquidity, which remained strong.
It adds that it is currently in negotiations with its insurance company regarding additional claims.
The payout comes after the Supreme Court