Wetherspoon announces it is closing 36 pubs as it gives sales update - The Mirror

JD Wetherspoon has reported a boost in recent sales as it continues to offload some of its pub locations. The popular chain announced that like-for-like sales rose by 5.8% in the 10 weeks up to 7 July, despite the dampening effects of unseasonably wet weather.

Over the year to date, like-for-like sales have seen an even more impressive increase of 7.7%. This financial year has seen Wetherspoons open two new pubs but has also seen the company sell or give up the lease on 26 properties.

The company has also indicated that there are currently 10 trading pubs on the market or with offers pending. Tim Martin, the chairman of JD Wetherspoon, commented: "The gradual recovery in sales and profits, following the pandemic, has continued in the current financial year."

JD Wetherspoon owner Tim Martin visits a branch of his chain in Midsomer Norton

He added: "Total sales are, again, at record levels, with fewer pubs. Sales per pub are approximately 21% higher than pre-pandemic levels, which has helped to compensate for the very substantial increase in costs."

Martin detailed the cost increases, noting: "For example, compared to the 2019 financial year, labour in this financial year has increased by approximately £164 million, energy by £28 million, repairs (also affected by labour costs) by £38 million and interest (excluding IFRS 16 interest) by £16 million.", reports Devon Live.

Known affectionately as 'Spoons', the British pub chain was established by Tim Martin in 1979 and has since become a staple of the UK and Ireland's hospitality scene, boasting a vast portfolio of pubs and hotels.

Known affectionately as 'Spoons', the British pub chain was established by Tim Martin in 1979 and has since become a staple of the hospitality scene

Wetherspoon's, the popular pub chain, is famed for its budget-friendly grub and pints, often housed in buildings steeped in history. The brand stands out for its no-music policy, creating a space where chatter takes centre stage.

The first of Martin's pubs was launched in Muswell Hill, London, taking its name from a teacher who doubted his business acumen, coupled with a nod to a character from "The Dukes of Hazzard."

Martin's hands-on management style and meticulousness have been pivotal in expanding Wetherspoon's into the behemoth it is today, with a strategy that hinges on competitive pricing, high turnover, and distinctive pub experiences.

Adblock test (Why?)

https://news.google.com/rss/articles/CBMiTWh0dHBzOi8vd3d3Lm1pcnJvci5jby51ay9tb25leS93ZXRoZXJzcG9vbi1hbm5vdW5jZXMtY2xvc2luZy0zNi1wdWJzLTMzMjA3NDgx0gFRaHR0cHM6Ly93d3cubWlycm9yLmNvLnVrL21vbmV5L3dldGhlcnNwb29uLWFubm91bmNlcy1jbG9zaW5nLTM2LXB1YnMtMzMyMDc0ODEuYW1w?oc=5

2024-07-10 07:33:00Z
CBMiTWh0dHBzOi8vd3d3Lm1pcnJvci5jby51ay9tb25leS93ZXRoZXJzcG9vbi1hbm5vdW5jZXMtY2xvc2luZy0zNi1wdWJzLTMzMjA3NDgx0gFRaHR0cHM6Ly93d3cubWlycm9yLmNvLnVrL21vbmV5L3dldGhlcnNwb29uLWFubm91bmNlcy1jbG9zaW5nLTM2LXB1YnMtMzMyMDc0ODEuYW1w