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Various Eateries receives £2.5m insurance payout
StockMarketWire.com
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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.
Chief executive Yishay Malkov said: The management team and I have run restaurants through numerous crises and challenging external events and we have always come back stronger.
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.
At 9:29am: (LON:VARE) share price was 0p at 68p
Story provided by StockMarketWire.com
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