Coppa Club operator Various Eateries obtains £2.5m interruption insurance payout

By James McAllister

- Last updated on GMT

Coppa Club operator Various Eateries obtains £2.5m business interruption insurance payout Hugh Osmond

Related tags: Hugh osmond, Restaurant, Coronavirus, Insurance

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 largely sided with policyholders earlier this month in a landmark BII test case​ brought forward by the Financial Conduct Authority (FCA).

Various Eateries says that even allowing for the likely extension of restrictions, its strategy remained to capitalise on the opportunities emerging from the impact of the pandemic, with management expecting the availability of prime sites and high-quality staff 'to provide a backdrop highly conducive to successful expansion'.

While the group has been assessing a number of desirable sites for expansion across the UK, it has so far held off on signing up to any new leases, but expects to be able to do so in the near future on terms that reflect the considerable and continuing fall in retail property values.

“The management team and I have run restaurants through numerous crises and challenging external events and we have always come back stronger," says Yishay Malkov, Various Eateries CEO.

"While Covid-19 is the biggest challenge our industry has seen, we have the team, the sites and the resources to get back on the expansion trail, just as soon as the Government fires the starting gun.”

Related topics: Business

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