Wetherspoons uncorks 1,000 pubs target as profits soar
PUB giant Wetherspoons is targeting 1,000 sites as it bucks a crisis gripping the hospitality industry.
The chain now has 814 bars across the country, down from 955 at its peak in 2015. But it reckons there is a thirst to grow its estate again, and to get to about 1,000 over the next decade.
The estimate comes despite widespread pub closures elsewhere in the sector, with the Campaign for Real Ale recently reporting that nearly 1,300 shut last year.
Wetherspoons’ target came as the firm reported bumper half-year results, with revenues up 8.2% to £991million and profits leaping from £4.6million to £36millon.
Tim Martin, founder and chairman, said the key to its success was being a “jack of all trades”. He added: “One of the things we do, for example, is selling almost one million coffees a week.
“And no pub company opened for breakfast before we did it.”
It has also invested heavily in its existing pubs, many of which are old and sometimes historic buildings in town and city centres. But recent openings have included at Heathrow Airport, the O2 concert venue in London, a shopping centre in Leeds, and a holiday park in North Yorkshire. Others have been at Hull University and a second at Newcastle University, despite reports that today’s students drink less.
Mr Martin said: “The idea that the younger generation are radically different should be taken with a pinch of salt. I hope they revert to drinking a pint of Abbot a night like I do.”
He earlier told LBC’s Nick Ferrari at Breakfast show the firm had previously expanded too quickly. Mr Martin said: “If we’ve made a mistake in the last 15 years, we’ve probably put a couple of pubs close to each other in medium-sized towns. A lot of cases we’ve reverted to one, and sometimes expanding the size of the one that remains.
“So I wish I could have saved myself £100million or so if I’d known that 10 years ago, but never mind.”
Wetherspoon yesterday announced it had awarded £21.2million of bonuses and free shares to employees – including 89.6% to staff in pubs.
Workers have shared £524million in the same way since 2007, the firm said.