Pub group JD Wetherspoon has said it expects to tumble to a loss for the current financial year after reporting a decline in sales against pre-pandemic levels

Wetherspoons is poised to increase price of meals as lockdown measures come to an end.
Wetherspoon has warned the price of food will increase this year.
Pub group JD Wetherspoon has said it expects to tumble to a loss for the current financial year after reporting a decline in sales against pre-pandemic levels.
READ MORENetflix is removing 14 classic TV shows for UK users in July
The company said like-for-like sales from May 17, when hospitality venues were able to reopen indoors, to July 4 declined by 14.6% against the same period in 2019.
It added that 850 of its estate of 860 sites are now open, with the remaining pubs mainly at airports.
In its trading results today, the company said: The Chancellor reduced VAT on food for the hospitality industry to 5% last year, still above the rate paid by supermarkets, which was nonetheless welcome.
However, it is now proposed that VAT returns to 20%, in stages, in the next year.
The interim rise to VAT of 12.5%, in September 2021, will result in Wetherspoon having to increase food prices by around 40 pence per meal.
Tim Martin, chairman and founder of Wetherspoon, said: “The company continues to expect to make a loss for the year ending July 25.
“In a trading update of January 19, the company’s principal ‘scenario’ estimated sales in the financial year starting July 26 to be in line with financial year 2019, which remains our current best estimate, on the basis that restrictions are ended, as the Government currently intends.”
The West Midlands is opening up – get the latest on pubs, restaurants and attractions in our What’s On newsletter.
Read More
Related Articles
Read More
Related Articles