Wetherspoons boss Sir Tim Martin makes new pledge on food and drink prices

Wetherspoons chief Sir Tim Martin has said he will keep his chain's food and drink prices steady amidst the soaring cost of living.

The pub boss has assured that there will be no price hikes for the remainder of the year. He attributes this commitment to the easing of industry costs and inflation, as he explained to The Sun, promising to maintain this stance "for the rest of the calendar year" and extending a previous promise that was limited to breakfast offerings.

This announcement follows Wetherspoons' report of a 7.7% rise in like-for-like sales over the last 10 weeks, despite having recently shut down 52 outlets.

Additionally, the company has experienced a 21% increase in sales per venue compared to pre-Covid times, which has contributed to their ability to freeze prices, reports the Manchester Evening News. Moreover, the pub chain is investing an additional £164 million in labour expenses due to the higher living wage.

Commenting on the financial performance, Sir Tim remarked: "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."

Sir Tim also highlighted the company's investment in key areas such as staff rooms, beer dispensing systems, above-bar glass racks, staff rooms, and beer gardens. He expressed his hope that the new Chancellor, Rachel Reeves, will address the tax disparity between pubs and supermarkets.

He continued: "The average Wetherspoon pub has generated taxes of one sort or another of £7 million in the last 10 years, as well as generating considerable employment and social benefits. The last government failed to implement tax equality between pubs and supermarkets, leading to pub closures and underinvestment."

"Wetherspoon hopes that the current Chancellor, with a Bank of England pedigree, will understand how many beans make five, and rectify this inequality."

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