Tim Martin, Wetherspoon’s boss, has announced that the chain will slow down its rollout of new bars while it waits to see if sales recover.
The chain revealed that it would open its doors in March. 18 brand new bars and upgrades to existing ones will create 2,000 additional jobs.
Sky News interviewed him today. He said that Wetherspoon will wait for normal sales as Covid restrictions have been relaxed before going for it.
Mr Martin, 66, who also revealed he has Covid, said Wetherspoon had lost £250 million in the last two years and has £800 million debt which ‘has to give us pause’.
This morning’s news follows Mr Martin’s slamming of Boris Johnson’s ‘hypocrisy” over the allegations that No10 was held hostage during lockdown.
Martin, a Brexit supporter, once described the PM as a winner. He also stated that bars should be kept open while in lockdown due to the’social-health benefits’ available for those who can’t go to private parties.
Boris Johnson and Tim Martin during their visit to Wetherspoons Metro Bar in London.
The total number of pubs that will open is 18, with 15 being in the UK and three in Ireland.
According to the plans announced last year, a total of 18 new Wetherspoon pubs will open – 15 in the UK and three in Ireland – and ‘significant extensions and upgrades’ will be made to scores of current pubs.
The new pubs will be in Kings Norton Birmingham, Newport Pagnell in Buckinghamshire, Shawlands Glasgow, Edinburgh, Felixstowe in Suffolk, Heswall on Merseyside, Sheffield, Leeds, Bishopston Bristol, Hamilton, Diss in Norfolk, Bourne in Lincolnshire, Grays in Essex, Crystal Palace in London and Ely in Cambridgeshire.
Three new Irish pubs are opening in Dublin, Limerick, and Galway.
Martin however stated today that they hoped the virus was in retreat, and that it would allow us to open our hearts. If we are able to return to normal, it will be a great feeling.
Wetherspoons can’t continue to lose money. We have now lost nearly a quarter billion dollars in just the last two years after making almost $40 million over 40 years. It doesn’t make anyone happy.
‘Wetherspoon has got £800m of debt and the banks give us the debt so that we make common sense decisions. It should give us cause to pause. It is time to reexamine.
“We are going forward with our plans. We’re adding one to two pubs to sites, but we wait for sales to return to the level they were before really, truly, go for it. It’s very possible.
The spokesperson said that the plans would still be carried out, and four new pubs are expected to open before April. Existing ones will also undergo significant renovations.
The plans for last year were announced that 18 Wetherspoon pubs would open, including three in Ireland. Additionally, numerous existing pubs will receive significant extensions and upgrades.
It was as JD Wetherspoon said that they expect to report a loss in the six-month period ending January 23rd, after people were kept out of pubs by fears over the Omicron variation of Covid-19.
The group released a trading update before publishing its interim results on March 18.
The Government’s December ‘Plan B” restrictions had a negative impact on sales in the second quarter. The three-month period from 16 January saw like-for-like sales decline by 15.6 percent, and total sales fall by 16.6 percent.
Tim Martin, Chairman of JD Wetherspoon stated that the uncertainty created due to the implementation of Plan B Covid-19 Measures makes forecasts for sales and profits hazy.
“The company will lose money in the first half, but it hopes to have stronger results in the second, thanks to the end of restrictions and improved customer confidence.
JD Wetherspoon was also critical of Britain’s taxation system. It argued that supermarkets are better than pubs.
You can read it as:Ubs are responsible for 20% VAT on food sales. However, supermarkets don’t pay this tax. Supermarkets are charged 2 pence for each pint, while pubs get 20 pence per pint on business rates.
“The outcome is that supermarkets have the ability to subsist beer prices using their tax advantages.
The situation is absurd. It is possible to hold a backyard party at No. If you host a party in your garden at No. You will be charged 20% VAT for fish and chips from your local pub.
“The VAT was temporarily reduced by the Chancellor during the pandemic, but he is soon going to raise it up to 20%. This comes at a moment when many pubs and supermarkets report record profits.