Wetherspoon, the popular British pub chain, has strongly criticised proposed plans to eliminate pints and potentially reduce pub opening hours. Tim Martin, the chairman of JD Wetherspoon, condemned the suggestions as “slightly daft” and urged against introducing further regulations in the struggling pub industry. He argued that imposing more rules to curb alcohol consumption could result in more people drinking at home rather than in pubs. Martin specifically took issue with a recent study by academics at Cambridge University proposing to serve beer in two-third pint measures instead of traditional pints, dismissing the idea as impractical.
The Wetherspoon boss also voiced disapproval of rumours that the Government might consider scaling back pub and hospitality operating hours, a claim that Labour ministers have refuted. Martin asserted that neither of these proposed measures seemed reasonable from a common-sense perspective. Despite these concerns, Wetherspoon reported a significant rebound in profits, with pre-tax profits increasing by 73.5% to £73.9 million for the year ending July 28. This marked a positive trend for the pub chain, although profits have not yet returned to pre-pandemic levels.
The company saw a 5.7% growth in revenue to reach £2.04 billion, driven by a 7.6% rise in like-for-like sales. Wetherspoon’s improved sales performance was slightly offset by a reduction in the number of its pub sites, following the sale of 18 pubs and termination of the lease on nine more, while opening two new sites. Despite this shrinkage, Wetherspoon reiterated its long-term ambition to expand to 1,000 locations across the UK, with the current estate standing at 800 pubs.
Wetherspoon disclosed that it generated £8.9 million in cash from pub sales but recorded an exceptional loss of £13.4 million related to the pub disposals. The company remains focused on navigating the challenges facing the pub sector and continuing its growth trajectory in the future.