Wetherspoons announces new wave of closures bringing total to 39
It comes after JD Wetherspoons revealed slowing sales earlier this week and said it is facing 'substantially higher' costs across the group
The popular pub chain JD Wetherspoon has announced that they will be selling seven additional pubs onto of the 32 they said they would be selling earlier this year.
This brings the total number of pubs set to be sold to 39.
The company is yet to announce the seven latest pubs to be added to the list.
It comes after JD Wetherspoon revealed slowing sales earlier this week and said it is facing “substantially higher” costs across the group.
The pub chain saw like-for-like sales drop 1.1% in the five weeks to November 6 when compared with pre-pandemic trading in 2019, having risen by 1.5% in the previous nine weeks.
Compared with a year ago, sales rose 10.1% in the first nine weeks of its financial year and were 8.9% higher in the past five weeks.
It said trading was “broadly” in line with its expectations but that October had been a slower month.
“Costs, especially in respect of labour, food and repairs, were substantially higher” in the first quarter, the group added.
Shares in the firm fell 3% in early trading on Wednesday.
Wetherspoons chairman Tim Martin said the firm remains “cautiously optimistic” despite the cost pressures hammering the hospitality sector.
He said he previously set out “various threats to the hospitality industry and these continue to apply”.
“Those caveats aside, in the absence of further lockdowns or restrictions, the company remains cautiously optimistic about future prospects,” he said.
The 32 pubs that have already been put up for sale are:
Barnsley: Silkstone Inn
Beaconsfield: Hope & Champion
Bexleyheath: Wrong ‘Un
Bournemouth: Christopher Creeke
Cheltenham: Bank House
Durham: Water House
Halifax: Percy Shaw
Hanham: Jolly Sailor
Harrow: Moon on the Hill
Hove: Cliftonville Inn
London Battersea: Asparagus
London East Ham: Miller's Well
London Eltham: Bankers Draft
London Forest Gate: Hudson Bay
London Forest Hill: Capitol
London Hornsey: Toll Gate
London Holborn: Penderel's Oak
London Islington: Angel
London Palmers Green: Alfred Herring
Loughborough: Moon & Bell
Loughton: Last Post
Mansfield: Widow Frost
Purley: Foxley Hatch
Redditch: Rising Sun
Southampton: Admiral Sir Lucius Curtis
Stafford: Butler's Bell
Watford: Colombia Press
West Bromwich: Billiard Hall
Wirral: John Masefield