In the face of the sad news that two pubs a day in England and Wales are calling last orders permanently, not to mention disturbing tales of speculative property developers cashing in on empty premises, there is at last something to raise a glass to in the licensed trade.
Pub chain JD Wetherspoon, which prompted panicky headlines earlier this year when it announced a number of local pub closures, has bounced back to profit for the first time since the start of the coronavirus pandemic three years ago. The company, set up in 1979 by pro-Brexit chairman Tim Martin, and known for its cheap beer prices and mega breakfasts, reported a pre-tax profit of almost £43m in the year to July 30.
8 per cent and sales for slot and fruit machine operations rose by 26.4 per cent. And let’s toast the company’s staff ethos. The 42,000 people working for JD Wetherspoons received £36m in bonuses and share awards, of which 98.6 per cent was paid to staff below board level and 83.4 per cent was paid to staff working in pubs. This compares with £30m in its last financial year.
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