Brighton Pier Group secures £1.4m BI insurance pay-out

By Georgia Cronin

- Last updated on GMT

Brighton Pier Group secures £1.4m business interruption insurance pay-outs

Related tags: Brighton, Luke johnson

The Brighton Pier Group has received £1.4m in business interruption (BI) pay-outs from insurers.

The Luke Johnson-chaired group, which operates Brighton Palace Pier, 12 bars and eight mini-golf sites, said that whilst the payments do not meet the entirety of its claims, it has supported its overall liquidity, which remains strong.

A High Court Judgement on 15 September 2020 found the group’s ‘Marsh Resilience’ policies were capable of responding to Covid BI claims, regardless of the later Supreme Court ruling​ on 15 January.

In November last year, the group announced it had written off £8.1m due to the pandemic, primarily related to its bars decision.

The group reported full year revenues were down 41% to 22.6m in 2020. Group EBITDA was down 48% to £2.5m and loss after highlighted items was £10.2m, from a profit of £2.7m in 2019.

Commenting on the pay-out, CEO Anne Ackford said: “Whilst business interruption insurance is welcome, and the rollout of the vaccination programme provides a route back to normality, we are keen for the Government to announce a recovery roadmap for the tourism and hospitality sectors.

“If businesses in the night-time economy continue to be subject to restrictions after the end of lockdown, the Government needs to recognise that further ongoing financial support will be required.”

Related topics: Business & Legislation

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