Wetherspoon selling off 36 pubs despite better sales

JD Wetherspoon has reported a boost in recent sales as it continues its strategy of selling off certain venues. The pub behemoth announced that like-for-like sales climbed by 5.8% in the 10 weeks up to 7 July, despite the dampening effects of unseasonably wet weather.

Year-to-date figures are even more impressive, with like-for-like sales rising by 7.7%. So far this year, Wetherspoons has inaugurated two new pubs but has disposed of or relinquished leases on 26 properties.

The company also mentioned that an additional 10 trading pubs are currently on the market or have 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."

"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."

"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 colloquially as Wetherspoons or simply 'Spoons', JD Wetherspoon is a well-known British pub chain established by Tim Martin in 1979, with a vast portfolio of pubs and hotels throughout the UK and Ireland.

Wetherspoon's, the well-loved pub chain, has become synonymous with value-for-money eats and drinks set within distinctive buildings brimming with history. They stand out from many other establishments thanks to a distinct policy the absence of music creating an environment conducive to conversation and a more relaxed pub experience.

The first of Wetherspoon's door swung open in Muswell Hill, London. Its founder, Martin, chose the company name as a nod to a teacher who once doubted his business potential and combined it with a nod to a character from the classic TV series "The Dukes of Hazzard."

Martins detail-oriented management style has been pivotal in cultivating Wetherspoon's growth into an extensive network of pubs. Success has been grounded in a philosophy that champions affordability, high footfall, and fascinating venues.