We are on the precipice of a price war, and the losers will be workers September 11, 2020 James Reed argues that nobody stands to gain from a price war in the long run – least of all Britain’s workers. Over 100m meals were claimed on the government’s Eat Out to Help Out scheme last month, but the end of the measure on 31 August has left businesses in the hospitality sector split [...]
Pub chain JD Wetherspoon to cut up to 130 head office jobs August 6, 2020 Pub chain JD Wetherspoon will cut up to 130 head office jobs due to a downturn in the pub and restaurant industry during the coronavirus pandemic. The company announced this morning that 110 to 130 head office positions are at risk of redundancy. Wetherspoon blamed the cuts on a downturn in trading, a slowdown in [...]
JD Wetherspoon toasts Christmas sales but warns on debt January 22, 2020 Pub chain JD Wetherspoon reported this morning that sales were up over the Christmas period, but warned that full-year debt will be higher than expected due to a spike in capital expenditure. The pub operator said like-for-like sales in the 12 weeks to 19 January increased 4.7 per cent, and total sales were up 4.2 [...]
Wetherspoons shareholders back Tim Martin after corporate governance row November 21, 2019 Outspoken JD Wetherspoon boss Tim Martin has emerged victorious from his clash with a proxy adviser after shareholders voted overwhelmingly in his support. More than 98 per cent of investors voted to re-elect Martin, who founded the company in 1979, as executive chairman at the budget pub chain’s annual general meeting today. Read more: Wetherspoons [...]
Wetherspoon faces backlash over Brexit campaign spending November 7, 2019 Investors have been urged to oppose JD Wetherspoon’s financial report over its failure to get shareholder approval for pro-Brexit spending. Influential shareholder advisory firm Pirc said Wetherspoon had not cleared referendum campaign spending, which included £94,856 on almost 2m pro-leave beer mats ahead of the 2016 vote. Read more: Wetherspoon’s boss Tim Martin slams elite [...]
Pub companies: Is now the time to invest in a cheap pint? September 23, 2019 | City Talk Investors in Greene King are raising a glass in celebration after Hong Kong’s richest man, Victor Li, agreed to buy the UK’s largest publicly-listed pub and brewery company for £4.6 billion (including net debt). A unit of Li’s investment vehicle, CK Asset Holdings, has bid 850 pence per share – more than a 50 per [...]
Wetherspoons boss Tim Martin slams ‘elite Remainers’ as profit sinks September 13, 2019 Wetherspoons boss Tim Martin has launched a tirade against “elite Remainers”, as the budget pub chain posted a decline in pre-tax profit for the full-year. Read more: Propping up the bar: Wetherspoons toasts no-deal Brexit by slashing the price of a pint The figures Wetherspoons posted a 6.8 per cent increase in like-for-like sales in [...]
Propping up the bar: Wetherspoons toasts no-deal Brexit by slashing the price of a pint September 6, 2019 Punters in the City looking for a cheap drink this afternoon are in luck, as pub chain Wetherspoons has slashed the price of a pint in a bid by chairman Tim Martin to prove a no-deal Brexit would be sustainable for pubs and retailers. Read more: Glass half empty? Wetherspoon shares fall as sales slow [...]
J D Wetherspoon sales growth slows again July 10, 2019 J D Wetherspoon expects like-for-like sales to rise at a slower rate in its pubs over summer as boss Tim Martin warned investors about a £3m non-cash loss this financial year. Read more: Glass half empty? Wetherspoon shares fall as sales growth slows Like-for-like sales are expected to grow 6.9 per cent for the 10 [...]
Wetherspoon shares swing wildly as profit plunges March 22, 2019 | City Talk Five times the shares failed to make a break above 1,340p stick. Is it sixth time lucky for Wetherspoon? Alongside the usual diatribe against the Brexit process and the tax disparity with supermarkets, pub chain JD Wetherspoon (LSE:JDW) has fallen foul of higher costs, especially with regards to labour. This has impacted the bottom line [...]