Wetherspoons announces shock closure of 36 pubs across country

JD Wetherspoons has reported an increase in sales as it continues to sell many of its pub locations. The much-loved chain announced like-for-like sales rose by 5.8% in the 10 weeks up to July 7, despite the dampening effects of the wet weather.

Over the year to date, like-for-like sales have seen an even more impressive increase of 7.7%. This financial year Wetherspoons have opened two new pubs, but also sold or given up on the lease on a shock 26 properties, reports the Mirror.

The company has also indicated they're currently 10 trading pubs on the market or with offers pending. Tim Martin, the chairman of JD Wetherspoon, said: "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."

Martin also highlighted the cost increasing, 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.

Affectionately known as 'Spoons' thye popular British pub chain was established by Tim Martin in 1979 and has since become a staple of the UK and Ireland's hospitality scene, with a large portfolio of pubs and hotels. Wetherspoon's is best-known for its budget-friendly food and pints, often housed in buildings which are steeped in history.

The brand stands out for its no-music policity, creating a space where conversation is encouraged. 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 hinging on competitive pricing, high turnover, and distinctive pub experiences.

Don't miss the latest news from around Scotland and beyond. Sign up to our daily newsletter.