Wetherspoon boss Tim Martin says UK businesses will switch to non-EU suppliers if negotiators continue 'posturing'


Martin has been a prominent advocate of Brexit (Source: Getty)

Wetherspoon founder Tim Martin said today that Brexit talks pose a danger to EU economies, rather than the UK's financial situation.

He made the comments as Wetherspoon released preliminary full-year results which showed an increase in revenue and profit.

Shares in the company jumped 9.2 per cent this morning.

Slamming "academics, economists, boardrooms and City institutions", he said that "unelected oligarchs" in the EU were not negotiating in the interests of European people and businesses.

Read more: Wetherspoon's boss blasts the FCA and tells the CBI to "put a sock in it"

Due to "posturing" in current Brexit negotiations, Martin said, importers like Wetherspoon are looking elsewhere for goods they currently buy from the EU.

"This process is unlikely to have adverse effects on the UK economy, as companies will be able to switch to suppliers representing the 93 per cent of the world's population which is not in the EU, but this evolution will eventually be highly damaging to the economy of the EU."

Wetherspoon raises a glass

Revenue at Wetherspoon was £1.6bn for the 53 weeks to 30 July, as like-for-like sales rose four per cent. 

Pre-tax profits before exceptional items jumped 27.6 per cent on the year to £102.8m.

The disposal of underperforming sites added up to a total exceptional cost of just over £20m.

The company announced a 12p full year dividend.

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