Wetherspoon in sales boost as it raps CBI

Shares jumped nearly 3 per cent in pubs operator JD Wetherspoon yesterday on firm quarterly sales as probrexiteer founder chairman Tim Wetherspoon took a sideswipe at the CBI’S stance that leaving the EU without a trade deal would be dangerous.

Martin was speaking as Wetherspoon, whose 70-plus Scottish outlets include The Standing Order in Edinburgh, said like-for-like sales climbed 4 per cent in the third quarter to 23 April, while total sales rose 1.3 per cent. He forecast a “slightly improved trading outcome” for this financial year thanks to better-thanexpected year-to-date sales, with same-floorspace sales up 3.5 per cent and total sales up 1.4 per cent.

However, Martin repeated his warning that the pubs sector remained under pressure from higher staff costs, utility bills, business rates and excise duties.

On Europe, the Wetherspoon chairman said CBI employers group directorgeneral Carolyn Fairbairn was dishing out “foolish advice” to the UK government that leaving the EU without a trade deal in place “shouldn’t be plan B, but plan Z”.

Martin said: “It is doubtful if Ms Fairbairn has ever been involved in serious business negotiations herself, since this is the same as a housebuyer saying to a seller, ‘I must have your house at any cost’.

“In this case the buyer will not pay the market price, but will pay the maximum that the seller believes he can afford. It is hard to believe that such foolhardy advice could emanate from a business organisation.” 0 Tim Martin, the founder of pubco JD Wetherspoon