By M&C Report team2010-04-30T10:21:00+01:00
JD Wetherspoon chairman Tim Martin has sold £5m worth of shares in the company.
JD Wetherspoon has released its full year results which lay bare the impact of the coronavirus on sales and profits. Sales were down 30.6% to £1,262m while it made a £34.1m pre-tax loss, down 133% on the previous year. Chairman Tim Martin slammed the government’s handling of the situation and the effect it’s having on the hospitality industry. “For the two months following reopening, it appeared that the hospitality industry, in difficult circumstances, was adapting to the new regime and was getting ‘back on its feet’, albeit in survival mode,” he said.
Wetherspoon has announced that 400-450 jobs at its airport pubs are at risk of redundancy.
Liberation Group is “disappointed but understanding” at news it will have to close 44 pubs in Jersey as the crown dependency enters a circuit breaker lockdown.
Wetherspoon will keep eight of its pubs open in Wales, effectively trading them as cafes.
As England emerges from a second lockdown and businesses adapt to the new tier system, Oakman Inns CEO Dermot King discusses how the government is forcing the hospitality sector to big up the tab.
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