Wetherspoons has reiterated its aim to open “about 1,000 pubs in the UK” despite having to close multiple sites in the past year.
As part of the pub chain’s latest annual report, the company outlined its expansion aims and its recovery following the impact of Covid-19 on the wider economy.
The hospitality group confirmed its profits rebounded further over the past year due to bolsters consumer demand which have raised revenues.
Pre-tax profits for Wetherspoons went up by 73.5 per cent to £73.9million for the 12 months to July 28, compared to the previous year.
This profit hike came as the company’s revenues increased by 5.7 per cent to £2.04billion, primarily due to a 7.6 per cent rise in like-for-like sales.
However, this comparatively better sales at it sales was offset, albeit slights, by a drop in the number of pubs under the Wetherspoons banner.
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Wetherspoon has closed pubs but is adamant it will have 1,000
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Over the period, the hospitality group sold 18 pubs and terminated the lease on a further nine in an attempt to balance the books.
Despite this decrease in the number of its pubs, Wetherspoons did open two new sites during the 12 month to July 28, 2024.
In recent years, Britain’s high streets have been plagued by a wave of store closures and bank branch closures, with hospitality businesses also being affected.
Even under this economic environment, Wetherspoons appears confident that its portfolio will hit 1,000 in the next couple of years.
As part of its annual statement, the pub group stated: “As previously stated, our best estimate is that the company has potential for about 1,000 pubs in the UK.
“Examples of recent pub openings include The Captain Flinders near Euston Station, The Lion and the Unicorn in Waterloo Station, the Star Light, Heathrow Airport, and The Grand Assembly in Marlow, all in the London region.”
On top of this, Wetherspoons cited its plans to expand existing pubs which have proven to be successful by adding gardens and other facilities.
Tim Martin, the chairman of JD Wetherspoon, shared his optimism over the outlook of his business.
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High streets have been hit by a wave of store closures since the pandemic, on top of banks shutting down PA
He shared: “Sales continue to improve. In the last nine weeks, to September 29 2024, like-for-like sales increased by 4.9 per cent.
“The company currently anticipates a reasonable outcome for the current financial year, subject to our future sales performance.”
Many Wetherspoons pubs are currently on sale despite the business’ expansion goals.
These include:
- The Pontlottyn, Abertillery
- The Ivor Davies, Cardiff
- Spa Lane Vaults, Chesterfield
- The Sir Daniel Arms, Swindon
- The Plough and Harrow, London
- Sennockian, Sevenoaks
- Hain Line, St Ives
- Lord Claud Hamilton, Felixstowe (underdeveloped site)
- Barid’s Department Store, Hamilton (underdeveloped site)
- Foot of the Walk, Leith
- Thomas Drummond, Fleetwood
- The Quay, Poole.