Wetherspoons boss slams MPs for not understanding real threat to UKs future

/ 05/10/2023

JD Wetherspoon chief Tim Martin has ranted that MPs have a “lack of understanding” about inflation as he gave a stock warning about rising costs.

The chain benefited from bumper bank holiday trade and shares in the pub group lifted on Wednesday morning after it predicted record sales for the current year.

Even still, Martin warned of continued pressure on the hospitality sector from higher costs.

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“Sales in the last quarter have continued their positive momentum, although inflation, especially in labour, energy and food costs, remains a more intractable issue,” he said.

“In order to bear down on inflation, political parties should encourage free enterprise, rather than a reliance on additional regulations.

“A lack of understanding among some senior politicians about the need to encourage a successful free market economy presents a real threat to the future prosperity of the country.”

It came as the firm, which runs 834 pubs, revealed that like-for-like sales jumped 12.2% over the three months to April 30.

Wetherspoons said sales over the Easter week were the “highest ever” for the company as it looks set to post record total sales for the year to July.

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It added that the first bank holiday weekend in May was “exceptionally strong” and included its busiest Saturday performance on record.

However, it said the coronation weekend was “slightly less strong” with a noticeable quiet Saturday as many people chose to celebrate at home.

Mr Martin said the business expects profits for the current financial year to be at the top of market expectations.

Shares in the company were 7.4% higher in early trading on Wednesday.

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