Wetherspoon suffers a £ 105 million loss and a 30% drop in sales after the pub industry was hit by the Covid pandemic
- JD Wetherspoon has suffered a loss of £ 105 million this year through July
- Sales fell by 30 percent, as the preliminary results of the pub chain showed today.
JD Wetherspoon suffered a loss of £ 105 million in the year through July after sales fell 30 percent, the pub chain's preliminary results showed today.
Mr Martin said it was unfair for pubs to be treated harsher than supermarkets as he found sales had dropped from £ 1.82 billion to £ 1.26 billion by July 26.
He released the company's belated results, adding that the UK should adopt the Swedish pandemic model in order for its pubs to reopen properly.
A Wetherspoon worker sits at the Goldengrove in Stratford, East London on July 4th
Prime Minister Boris Johnson meets with Wetherspoon Chairman Tim Martin at the chain's Metropolitan Bar pub in Marylebone, central London on July 10, 2019
Quoting 1989 businessman Warren Buffett, Mr. Martin said governments around the world had based their lockdown decisions on "deeply flawed analysis."
He also attacked allegations that the company was considering withholding wages at the start of the lockdown – a decision that was ultimately not made.
He added that like-for-like sales in the eleven weeks since July 26 were 15 percent lower than last year, with strong sales in the first few weeks followed by a significant slowdown since a curfew and other restrictions were introduced.
Mr. Martin said: “In the two months after reopening, the hotel industry seemed to adapt to the new regime under difficult circumstances and to get back on its feet, albeit in survival mode.
Wetherspoon reported a loss "before exceptional items" of £ 34.1 million through July 2020. The total loss including exceptional items (e.g. property damage) for the year was £ 105 million
Average weekly sales including VAT in 2020 were lower than last year but still higher than 2018
The company's sales decreased from £ 1.82 billion to £ 1.26 billion in the year ended July 26, 2020
Wetherspoon now has 872 pubs, compared to 879 last year and a high of 951 in 2015
& # 39; It appears that the government and its advisors clearly felt uncomfortable when the country emerged from the lockdown.
1% of Wetherspoon employees have tested positive for Covid-19
Wetherspoon provided this data regarding Covid-19 in its report:
- Since then, around 46 million customers have been visiting pubs Reopening in July 2020
- Over 16 million track and trace registrations (excluding NHS app registrations)
- 429 employees (out of 43,000) have tested positive for Covid-19 since July 4, 2020 (1%), the rreflects the nationwide test rate (0.9%)
- 670 pubs had no positive tests among employees (77%)
- Most of the positive tests seem to be due to contacts Outside of work
“You have put in place an ever-changing set of ill-conceived regulations without consultation in an emergency – these are extremely difficult for the public and customs officers to understand and implement.
"None of the new regulations seem to have an obvious scientific basis."
He noted the demand for table service, which is "expensive to implement and undermines the essential nature of pubs for many people – pubs have become like restaurants".
Mr. Martin said, "Customers can approach the till in a store, but not in a pub – which is by no means" scientific "."
He added that face masks, "for which the health benefits are controversial, do not need to be worn while seated but must be worn to go to the bathroom – another capricious requirement".
But the "most harmful rule," he said, is the 10pm curfew, which has "few supporters outside the narrow cloisters of Downing Street and SAGE meetings."
He continued: “This has resulted in the fact that many thousands of employees in the hotel industry who strive to adhere to hygiene and social standards leave their duties at 10 p.m. and people in private households and at private events who in reality are not regulate, be able to establish contacts. & # 39;
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