FTSE 100 close: London index falls as investors react to mixed retail figures, JD Wetherspoon and Tui March 24, 2023 London’s FTSE 100 index closed 1.31 per cent lower today as investors failed to be enthused by data showing the UK’s economy is faring better than expected following the Bank of England’s (BoE’s) decision to hike interest for the eleventh time in a row. The capital’s premier index fell 1.05 per cent to 7,424.71 points [...]
Tim Martin’s JD Wetherspoon blames ‘ferocious’ inflation for profits plummeting 91 per cent March 24, 2023 The chief of JD Wetherspoon has said blamed “ferocious” inflationary pressures in the pub industry as the pub giant reveals a 90.9 per cent loss in profits for the 26 weeks to January. As the cheap beer chain felt the hangover from Covid-19 and Brexit supply issues, pre-tax profits were down to £4.6m compared to [...]
Pressure mounts on Sunak over planned six per cent rise in corporation tax February 20, 2023 Prime minister Rishi Sunak is facing down the prospect of a rebellion over next month’s budget as renewed pressure mounts over a planned increase in corporation tax increase. Seven top Tory backbenchers and business owners including Wetherspoons boss Tim Martin have urged Sunak and chancellor Jeremy Hunt to scrap the planned six per cent rise. [...]
Egg supply crisis: Tesco introduces buying limits as JD Wetherspoon changes menu November 22, 2022 Tesco is the latest chain to introduce limits on egg purchases owing to shortages and high costs. The supermarket told CityAM it is introducing a limit of three boxes per customer to prevent shelves going empty. This comes after the British Egg Council warned the public that a the industry has been dealing with [...]
JD Wetherspoon sales lift as budget chain ‘one of few winners’ amid economic crunch November 9, 2022 JD Wetherspoon posted buoyant sales for the first quarter, although it said demand had softened slightly in October. Shares dropped by as much as eight per cent, after the company admitted October trading had been slightly slower than expected. Like-for-like sales were 9.6 per cent higher than the same period last year, with the pub [...]
To win over the bond market, it has to be Dishy Rishi October 23, 2022 Tim Martin is the CEO of JD Wetherspoon In selecting the next Prime Minister, MPs need to bear in mind that the terrible twins, the bond market and inflation, feeling increasingly disrespected by central bankers and politicians , are angry and emotional – and are watching their every move. The mere revelation on Friday that [...]
Last orders: Pub numbers sink amid calls for further support October 10, 2022 The number of pubs vanishing from communities in England and Wales increased by 50 per cent in the last three months, according to new data, amid warnings that more must be done to protect the great British institution. During the three months to the end of September, 150 pubs were either demolished or converted into other [...]
Tim Martin hits out at UK’s Covid policies as Wetherspoons sales linger below pre-pandemic levels October 7, 2022 JD Wetherspoon chairman Tim Martin has hit out at the UK’s Covid restrictions after warning the pub group is still suffering from the adverse effects of Covid-19. The pub company said its sales had failed to return to pre-pandemic levels as it posted losses of £30.4m for the past financial year, on the back of [...]
Tim Martin: Pubs should not subsidise supermarkets, JD Wetherspoon boss says September 12, 2022 JD Wetherspoon’s chair has called on ministers to slash VAT for pubs and make the taxes “fair and equitable” between retail and hospitality. The budget pub chain is to cut the price of food and drink in its venues by 7.5 per cent on Thursday this week, in a call for a return to the [...]
JD Wetherspoon beer sales lag pre-Covid levels as recovery ‘more laborious than anticipated’ July 13, 2022 JD Wetherspoon has said sales of pints were eight per cent below pre-pandemic trading and it expects to post higher losses this year. While a “boom in pub sales” had been anticipated following the easing lockdown measures, recovery for many venues had been “slower and more laborious than was anticipated,” the budget pub chain said. [...]