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.”