JD Wetherspoon experiences 2019 like-for-like boost in Brexit-led pre-closing statement
JD Wetherspoon chairman Tim Martin has reported boosts to like-for-like sales and total sales for the end of 2019 in a pre-closing statement that donated more column inches to Brexit than the business itself.
In the 10 weeks to 7 July 2019, the pub chain reported an uptick in like-for-like sales to 6.9%, along with an overall boost to total sales of 6.6%.
It has also followed marginal growth and consolidation for the firm, which now operates in around 900 sites in the UK and Ireland. In the last financial year, the company opened in five more locations, while disposing of nine.
Meanwhile the chain has invested £71m into the buying of freeholds on sites where it previously operated as a tenant, while buying back £5.4m in company shares.
In his comments on the results, chairman Tim Martin - an ardent supporter of Brexit - dedicated almost 500 of his own words to the state of Britain's negotiations with the EU, and a further 1,400 words to news stories outlining the positives of a no-deal scenario.
Commenting on the state of his business' finances, results, he said: "As regards Wetherspoon, the Company's expectation for our annual results is unchanged for the current financial year."
