12 February 2021
The Brighton Pier Group PLC
("Brighton Pier Group" or "the Company" and with its subsidiaries "the Group")
Covid-19 update and notification of the publication of interim results
The Brighton Pier Group PLC, which owns and operates Brighton Palace Pier together with indoor mini-golf sites and premium bars nationwide, announces an update on recent activity and gives notice of the publication date for its interim results.
As announced on 2 November 2020 (together with the Company's final results for the 52 weeks to 28 June 2020), the Group has lodged claims with its insurers for business interruption losses arising from closures of the Group's venues.
The High Court Judgement on 15 September 2020 found that the Group's 'Marsh resilience' insurance policies are capable of responding to Covid-19 business interruption claims. Furthermore, the Group's advisers have indicated that the Supreme Court ruling on 15 January 2021 does not change the fundamental principle that these policies can respond to claims, subject to appropriate discussion and agreement over the quantum of the arising losses and any applicable policy caps.
The Group has to date received from its insurers interim payments totalling £1.4 million in respect of these losses. Whilst these payments do not satisfy the entirety of the Group's claims, they nevertheless support the Group's overall liquidity which continues to be strong. The Company will provide further updates as appropriate.
The Group also gives notice that it intends to publish its interim accounts on Monday 29 March 2021.
Commenting, Anne Ackord CEO writes:
"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."
| Enquiries: |
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| The Brighton Pier Group | Tel: 020 7376 6300 |
| Luke Johnson, Chairman | Tel: 020 7016 0700 |
| Anne Ackord, Chief Executive Officer | Tel: 01273 609361 |
| John Smith, Chief Financial Officer | Tel: 020 7376 6300 |
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| Panmure Gordon (UK) Limited (Nominated Adviser) | Tel: 020 7886 2500 |
| Corporate Finance |
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| Atholl Tweedie |
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| Corporate Broking |
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| Charles Leigh-Pemberton / Rupert Dearden |
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