Pub giant expected to tumble to annual loss as lockdown tightened

Pub giant Wetherspoon is expected to tumble to an annual loss after sales were hammered by the mass closure of sites in the face of the lockdown.

The pub group will announce its annual results for the year to July this Friday, but investors will be particularly keen for an update on recent trading.

Wet her spoon told investors in August it had seen a steady progression in trading since first reopening sites.

But hospitality firms have since been hit by a curfew, restrictions on service, local lockdowns and a broad downturn in sentiment.

Kate Nicholls, chief of trade group UK Hospitality, told MPs pub operators said recent restrictions “moved them back to the trading levels they saw at the start of July”.

In recent days, reports have surfaced that pubs in large areas of the north of England could be forced to close from today.

Such a move would have a notable impact on the pub group, whose 873 pubs are widely spread across the UK.

However , the chancellor’ s latest financial support package could help support the group through further sustained closures.

Last month, Wetherspoon chairman Tim Martin told investors that its sales for Saturday September 12 were 22.5% below the equivalent Saturday last year.

It highlighted a potential regression after the firm reported like-forlike sales decline of 16.9% for the 44 days to August 16, when it had benefited from Eat Out to Help Out and warmer weather.

Wetherspoon outlets include The Corn Exchange in Arbroath.