Wetherspoons, Profit & Loss
Wetherspoons has announced that sales of drinks and food are up 11.5% on the year, reflecting the fact that the cost of living crisis is leading people to look for competitively priced options in hospitality.
Alongside that, although details remain a little obscure, Spoons are still closing pubs. 28 have closed and 22 are potentially set to close (a fair number in London). The Company argue that in most cases there are alternative Wetherspoons nearby (within a mile or two seems to fit that) but the loss of pubs that those with little money can still perhaps afford to frequent is often keenly felt.
The point will not go down well with Wetherspoons many detractors, rightly fed up with Tim Martin right-wing views and the failure of the Company to recognise unions. It might be noted however that Wetherspoons is hardly the only PubCo that doesn’t do that- which continues to need addressing. In addition Spoons staff retention numbers in an industry with very high attrition rates is not completely disastrous. Again not something to be celebrated but perhaps understood
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