Axa has said it will not appeal a High Court ruling ordering it to pay out £4.36m to high end restaurateur Corbin & King, after the firm was forced to close its restaurants during the pandemic.
The French insurer said it would not appeal the February decision after it initially refused to pay the restaurant owner’s multi-million-pound claim for loss of earnings due to Covid.
The decision comes after the High Court said Axa must pay £4.36m to the high end restauranter, after ruling the firm was covered under a business interruption policy for losses it suffered due to lockdown.
The ruling came after Corbin & King, which owns eight restaurants across the UK including Colbert in Sloane Square and The Wolseley in Mayfair, was plunged into administration in February after suffering heavy losses during the pandemic.
Following the ruling, Axa was granted permission to appeal certain aspects of the High Court’s decision last month.
However, the insurer said it would not be filing an appeal, as it said it is currently working with Corbin & King to file the claim as quickly as possible.
Axa’s decision not to appeal the ruling could open it and other insurers to further claims from other hospitality businesses that suffered losses during the pandemic.
The insurer’s decision came as hospitality giant Minor International last week launched a successful takeover of Corbin & King, through an auction organized by the firm’s administrators.
The auction saw the Thai firm beat out company co-founder Jeremy King in buying up the restaurateur for £60m.