Yahoo Finance Music pubs bring cheer for Wetherspoon’s as costs bite
PUBS that do music have better sales since the end of lockdown than those that do not, says JD Wetherspoon.
Its 47 “Lloyds” branded pubs have seen sales up 3.4% in the last quarter, compared to a 4% fall for the rest of the estate.
Chairman Tim Martin said: “As many hospitality companies have indicated, there is considerable pressure on costs, especially in respect of labour, food and energy.”
The company hopes to break even this year – it has returned to profitability since mid-March.
Martin, an outspoken critic of government Covid policy, says lockdowns did not have the planned effect and came at huge cost.
He said: “The collateral damage from lockdowns has yet to be quantified, but the economic cost, approximately half a trillion pounds, financed largely by “money printing” by the Bank of England, is a direct cause of the current inflationary crisis.”
Martin added: “The biggest threat to companies in the hospitality, tourism and related sectors is the possibility of future lockdowns and restrictions. These sorts of actions were never previously contemplated in the nation’s history - or, indeed, in the government’s own pre-pandemic plans.”
Wetherspoon shares have halved in the last year. Today they slipped 20p to 721p.
