ETM Group received £250,000 insurance payout

15 March 2021 by
ETM Group received £250,000 insurance payout

Bar and restaurant operator ETM Group received a £250,000 insurance payout for enforced closure of its venues, according to filings on Companies House.

The company, which runs 13 sites across London, also secured a £2.5m Coronavirus Business Interruption Loan (CBIL) last year to help it survive lockdown.

ETM's sites include the Botanist in Sloane Square, the Redwood bar next to London Bridge Station, and the Jugged Hare gastropub in the City.

It said it had "taken all measures" to preserve as much liquidity as possible during the pandemic, including applying for the most recent round of government and local authority grants.

After lockdown began in March 2020 it agreed payment plans with suppliers and had "significant support" from landlords over rents.

ETM has focused on its digital systems over the past year including enhancing its online bookings system, launching an order-at-table app, and offering delivery for the first time in November 2020.

It said purchases through the app had accounted for the majority of sales in some sites when they were open and early delivery sales had been "extremely promising".

Accounts for the year to 23 February 2020 show ETM's turnover was flat at £31.5m, while earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 15.4% to £3m.

The group said steps taken by management during 2020 meant it "will be able to continue to trade successfully" once lockdown lifts and "take advantage of opportunities" going forwards.

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