industry

Wetherspoon pubs hit by £144m loss as revenues plummet


According to the consensus forecast from City analysts, Wetherspoon will report a pre-tax loss of £144.5million for the 12 months to July 24, compared to a £105.4million loss for the same period the previous year. Revenues are expected to have tumbled by a third to £796million.

The loss will be the largest in Wetherspoon’s history.

The annual loss it posted last year was its first since it listed on the London Stock Exchange in 1992.

Like other leisure groups, Wetherspoon’s business has suffered due to the Covid-19 pandemic and, more recently, shortages of supplies.

In August, it was forced to apologise to customers when a number of its pubs ran out of Coors, Carling and four other beer brands, while earlier this month it was hit by a bread shortage which impacted 13 dishes on its breakfast menu.

The pub sector has been struggling with a shortage of workers and the HGV driver crisis which is causing supply chain problems across a number of industries.

On Thursday Wetherspoon cut the price of all its food and drink by 7.5 percent to highlight how the hospitality sector would benefit from a permanent reduction in VAT, which will rise from 5 percent to 12.5 percent next month.





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