Safestay secures £1.4m payout for Covid-19 interruptions

(Sharecast News) - Safestay announced on Monday that it has secured a £1.4m payout from a business interruption insurance claim related to the impact of the Covid-19 pandemic. The AIM-traded hostel group said that amount was net of professional fees, and was expected to be received within the next 21 days.

It said the award would be recognised as a post-balance sheet event in its upcoming 2024 financial results, which are due to be published later this month.

The claim compensates for trading disruptions the group experienced during the pandemic across its European network.

At 1442 BST, shares in Safestay were up 6.52% at 24.5p.

Reporting by Josh White for Sharecast.com.