Hyve cancels Shoptalk because of Covid-19

Hyve has cancelled Shoptalk, its largest event, along with a number of other gatherings not previously reported because of restrictions imposed in the Covid-19 crisis.

The FTSE 250 events company said Shoptalk would not take place until March 2021. Hyve had planned to hold the retail get-together in September after postponing it from March 2020. Groceryshop, moved from September 2020 to March 2021 to accommodate Shoptalk, will also be cancelled and resume in September 2021.

Hyve bought Shoptalk and Groceryshop, held in Las Vegas, in December. The company said it had cancelled "a number of full-year 2020 events" not covered by its last update in May but did not give further details. It blamed the cancellations on travel bans and other restrictions and the long lead-time required for a successful event.

The company said it would instead hold a virtual Shoptalk event in the first quarter of 2021, featuring tens of thousands of meetings for more than 2,000 participants. In China, all events scheduled from the end of July in Shanghai are going ahead but there is lack of clarity in other markets, Hyve said.

Mark Shashoua, Hyve's chief executive, said: "Whilst the uncertainty surrounding the easing of lockdown restrictions has led to further near-term cancellations of in-person events, we are pleased to be announcing the launch of Shoptalk's Retail Meetup, which is a landmark moment for Hyve … This event marks a bold step towards an omnichannel strategy for the group."

Hyve said it had submitted insurance claims for 17 of its cancelled events in 2020 and has received £7.35m as a first interim payment. There is a £62m cap on payouts for all insured events to the end of October, it said.