Wetherspoon reveals it slumped to its biggest EVER loss last year of £154MILLION with sales plummeting by almost £500million as Covid rules shut pubs for 19 weeks
Wetherspoons sunk to its biggest ever loss last year as Covid-19 rules saw the chain shut its pubs for 19 weeks.
Pre-tax losses rose from £34.1million to £154.7million in the 12 months to July 25 compared with a year earlier, with sales falling from £1.26 billion to £773million, although chairman Tim Martin suggested there were signs of recovery.
Mr Martin said sales in the past nine weeks were just 8.7 per cent lower than the same period before the pandemic and have been improving further in the past four weeks.
However, airport sales remain low – down 47.3 per cent on pre-pandemic levels – and the company is finding it hard to fill job vacancies in ‘staycation’ locations across the country.
More to follow
JD Wetherspoon chairman Tim Martin poses at the Hamilton Hall pub in London last October
A member of staff wearing a face mask waits to serve drinkers at the reopening of The Toll Gate, a Wetherspoons pub in Hornsey, North London, when restrictions eased on July 4, 2020
Britain’s biggest pub – the Royal Victoria Pavilion in Ramsgate measuring nearly 11,000 square feet – is pictured the day before it reopened following the first lockdown, on July 3, 2020