Pub chain JD Wetherspoon has posted record profits in the 52 weeks up to July, and has plans to open more outlets. But chairman Tim Martin insists the slow economic recovery gives little cause for celebration.
Wetherspoon’s says overall sales grew by 5.8 per cent year on year. Food sales led the way recording a very encouraging 10.9 per cent surge following the introduction of new menus. Traditional ales and ciders also performed well delivering a record rise in sales of 3.8 per cent.
The company, which opened its first pub in 1979, now has almost 900 branches and has added another 29 during the past year. It plans to open a further 30 over the coming twelve months and has revealed plans to open its first pubs in the Republic of Ireland.
Martin says that the UK economy has been close to ‘Armageddon’ since the banking crisis began five years ago and that it will be a ‘long slow haul’ to full recovery. Pointing to the 10,000 pubs which have closed in recent years, he calls for a level playing field on tax with supermarkets.
“This does not make economic sense for the government since pubs create far more jobs per meal or per pint than supermarkets’” he said.
To draw attention to this, all JD Wetherspoon pubs will cut their prices by 7.5 per cent for one day on 25th September.
The outspoken entrepreneur has also defended the pub chain’s use of controversial zero hours contracts. He argues that it is necessary in the pub trade and that regulation would lead to an increase in prices. He also makes clear that Wetherspoon’s staff receive holiday pay, sick pay and maternity pay. They are also entitled to free shares and bonuses.
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