Wetherspoons puts 22 more pubs up for sale despite ‘improvement in sales’

Bookmark

Never miss any of the fun stuff. Get the biggest stories and wackiest takes from the Daily Star, including our special WTF Wednesday email

We have more newsletters

Budget pub chain JD Wetherspoon has put another 22 pubs up for sale despite announcements that sale shave been strong.

The news comes after 28 more were moved on earlier this year as the estate has an overhaul.

Accusations of a “money-raising exercise” have been denied by the chain amid tough trading conditions.

READ MORE: Fed-up Wetherspoons neighbours slam pub for screaming punters who pee on garden wall

The boozer brand has been adamant that "almost all" of the sales are set for locations with another pub close by.

The 827 pub firm warned last September 32 pubs were, in a “commercial decision”, set to be flogged to combat rising costs.

The newest update, however, makes clear that assumptions the sales are due to difficult circumstances would be a "misinterpretation."

It said: “In fact, the disposals have raised relatively modest amounts (although every little helps) and almost all are related to circumstances … where there is another Wetherspoon pub nearby.”

Easing energy costs have however helped the chain secure a double-figure jump in sales.

An 11.5% bump in sales year on year in the 10 weeks so far of its final trading quarter and in the financial year to date are up 12.9%.

Sales in the fourth quarter are 11% higher than pre-Covid trading in 2018-19.

Following a good May, the firm said it was set to stay in line with the expectations fo the market profit-wise for the year to July 30.

Performance is set to be bolstered by lower costs.

Wetherspoon chairman Tim Martin said: “As a result of a continued improvement in sales and a slightly reduced expectation for cost increases, for example energy costs, the company anticipates an improved outcome for the next financial year, and anticipates an outcome for the first half of 2023-24 approximately in line with the second half of 2022-23.”

In May, Wetherspoon predicted record sales for the year to July after sales jumped 12.2% in the three months to April 30 thanks to a bumper Easter and May bank holiday trading.

For the latest breaking news and stories from across the globe from the Daily Star, sign up for our newsletter by clicking here.

• Facebook
• Twitter
• Breaking News

Source: Read Full Article