J.D. Wetherspoon to inject £200 million into pub portfolio

UK bar group J.D. Wetherspoon is to invest more than £200 million in developing its pub portfolio over the next four years.

The cash injection will be spent on developing new pubs and hotels, according to a statement from the group, as well as enlarging its existing pubs in the UK and Ireland. It said this should create 10,000 new jobs within the group.

Wetherspoon said the “majority” of developments will be allocated to pubs in small and medium sized towns, but will also include larger towns and cities. This will include new pubs in Bourne, Waterford, Hamilton, Ely, Diss, Felixstowe, Newport Pagnell and Prestatyn.

Founder and chairman Tim Martin said: “We are looking forward to opening many more new pubs as well as investing in existing pubs over the next four years.

“We are especially pleased that a large proportion of the investment will be in smaller towns and cities which have seen a decline in investment in recent years.

“The fact that we will be creating approximately 10,000 jobs is great news too.”

So far this year, the group has opened one pub, and shed four from its portfolio, and plans to open 15 more.

Although Wetherspoon’s sales have performed well this year, in its most recent annual results, underlying pre-tax profits fell by 4.5% to £102.5 million in the 52 weeks to 28 July.

Wetherspoon operates 875 pubs and 58 hotels across the UK and Republic of Ireland and employs 44,000 staff.

Last month, proxy adviser Piric criticised Martin’s decision to spend £94,856 on almost 2 million Vote Leave beer mats distributed throughout all Wetherspoon pubs.

Piric also advised shareholders to oust Martin, who founded the company in 1979, from the board due to his lengthy tenure. Corporate governance guidelines in the UK state that executive directors can only hold their position for nine years.

However, shareholders voted to re-elect Martin as chairman at the last AGM, which took place on 21 November.

Leave a Reply

Your email address will not be published. Required fields are marked *

Please note that comments are subject to our posting guidelines in accordance with the Defamation Act 2013. Posts containing swear words, discrimination, offensive language and libellous or defamatory comments will not be approved.

We encourage debate in the comments section and always welcome feedback, but if you spot something you don't think is right, we ask that you leave an accurate email address so we can get back to you if we need to.

Subscribe to our newsletters

Brand Manager

Elixir Distillers
Park Royal, London UK

Marketing Assistant

Speciality Brands
Park Royal, London, UK

Key Account Manager

MMI Maldives

Financial Controller

London City Bond
Barking, UK

Duty Manager

The Whisky Exchange
Great Portland Street, London

Spirits Advisor

The Whisky Exchange
London, UK

International Sales Manager

Elixir Distillers
Park Royal, London, UK

Brand Marketing Executive

Elixir Distillers
Park Royal, London, UK

Millésime Bio 2020

27th Jan 2020

Maisons Marques et Domaines Annual Tasting

London,United Kingdom
29th Jan 2020

Austrian Wine Tasting

London,United Kingdom
3rd Feb 2020
Click to view more