All JD Wetherspoon articles – Page 7
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NewsWetherspoons releases trading update
JD Wetherspoon has said like for like sales are down 16.9% for the 44 days to 16 August 2020 in a trading update. It said it had now reopened 844 of its 873 pubs, with some airport and station sites remaining shuttered. It has opened two new sites since July. The update said the businesses remains in a “sound financial position” with net debt at the end of the last financial year around £825m. It also agreed a £48.3m loan under the CLBILS scheme. Chairman Tim Martin also questioned the validity of lockdowns and took aim at the suggestion pubs were hives of infections when it comes to the coronavirus.
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NewsTim Martin: Virus debate hampered by ‘lack of reliable information’
Wetherspoon chairman Tim Martin has re-entered the debate on coronavirus suppression, arguing much of the science supporting lockdown is inconclusive, and lauding the “cool as ice” Swedish approach.
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OpinionDominic Walsh: Casual dining one of ‘big losers’ of pandemic
It used to be so simple. Come up with a restaurant concept and a brand, open one restaurant, then a second, then aim for five outlets then ten and 20, and if it’s still working, press the button on a nationwide rollout. Well, something like that, anyway.
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NewsTim Martin: Scientists should publish evidence of transmission in pubs - if it exists
Government policy in the four UK parliaments, and in the Republic of Ireland, is implicitly based on the assumption that there is a high level of Covid-19 transmission in pubs.
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NewsWetherspoon to cut over 100 head office staff
JD Wetherspoon has warned that over 100 head office roles could be at risk as it looks to scale back its operation.
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NewsHospitality Leaders Poll: Operators vote against passing on price cuts
Anyone calling for restaurants to pass the VAT cut onto customers is likely to be disappointed, according to the latest weekly Hospitality Leaders Poll by MCA/HIM. Despite big brands like Starbucks, Nando’s, KFC Pret and JD Wetherspoon saying they would be cutting prices, of the 265 respondents to the weekly poll, all of whom are board level positions or founders of restaurants, pubs and food to go operations, 85% said they would not be passing on the cut.
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NewsOperators lower prices after VAT cut
Starbucks, Nando’s, KFCm Pret and JD Wetherspoon have joined McDonald’s in saying they will pass some or all of the VAT cut to customers.
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NewsPubs nudge up prices
J.D. Wetherspoons increased drinks prices by around 10 pence as it reopened the majority of its pubs over the weekend.
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NewsJDW confirms reopening, £48.3m CLBILS loan
JD Wetherspoon has confirmed it will open its pubs in England on 4 July, following the government’s announcement.
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NewsWetherspoon announces comprehensive safety measures
JD Wetherspoon has announced a raft of safety measures to safeguard employees and customers when it reopens its pubs, which is currently forecast for the 4th of July. Costing an intitial £11m, the 875-strong pub chain said it will employ two full time cleaners for every pub who will constantly clean surfaces and touch points like door handles, allergen information screens, card payment machines and hand rails, throughout the day.
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Analysis & Insight
J.P. Morgan on the UK pub sector
Although PM Boris Johnson’s speech on Sunday appeared to create more confusion around broader re-opening plans, hopes have been raised about select openings at some point in July for the broader “hospitality” industry. While we are unsurprisingly left with more questions than answers, we thought a quick piece was merited to highlight our views, recent investor feedback, what we’re watching for re-openings, and some incremental news in the last two weeks.
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NewsWetherspoon raises £141m
JD Wetherspoon has raised funds of £141m through the placing of 15,668,430 new ordinary shares, which it will use to secure the business through the coronavirus crisis.
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OpinionDominic Walsh on Wetherspoon and Cote
Tim Martin likes to plough his own unique furrow. From his penchant for attending City results presentations in chinos - or even shorts – to his mullet hairstyle and his love of rubbing the establishment up the wrong way, the JD Wetherspoon founder loves nothing better than to fan the flames of controversy. Among the issues that have particularly got his juices going over the years have been the euro, taxes, corporate governance and, of course, Brexit. On most of these subjects Martin has managed to navigate a course that has burnished his “man of the people” credentials, firmly established during 41 years of serving the cheapest food and drink in town.
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Analysis & InsightOne in three will eat out less post-lockdown
Almost a third of consumers have said they will eat out less frequently than they did pre-coronavirus when the lockdown period ends, new research by CGA has revealed.
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NewsJDW agrees to pay furloughed staff
JD Wetherspoon has reversed a decision to withhold staff pay until a government rescue package kicks in.
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NewsJDW asks suppliers for payment moratorium
JD Wetherspoon boss Tim Martin has asked suppliers for a moratorium on payments until the business’ massive pub estate reopens to the public.
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NewsJDW accused of abandoning staff
JD Wetherspoon has been accused of abandoning its 43,000 staff after boss Tim Martin insisted the chain could not afford to pay them during the coronavirus crisis until the company was reimbursed for their wages by the government.
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NewsJDW: ‘If pubs shut, the levels of Government support won’t matter’
Wetherspoon plans to keep pubs open “even under extreme duress,” as chairman Tim Martin warned that should they shut, the levels of Government support for employees will be inconsequential to job losses.
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NewsWetherspoon able to maintain operations in time of uncertainty following strong H1 results
Wetherspoon has “sufficient liquidity to maintain operations at a substantially lower level of sales,” said chairman Tim Martin in a statement regarding its H1 financial report.
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NewsInterest rate cut to 0.1% amid turmoil for listed restaurant and pub groups
The Bank of England has cut interest rate to 0.1%, while announcing £200bn of quantitative easing.