Wetherspoon has declared plans to close a number of pubs which are now set to hit the market.
The company's head honcho, Tim Martin, divulged details of the plans in a recent performance review. The popular pub chain announced that like-for-like sales rose by 5.8% in the 10 weeks up to July 7, despite the dampening effects of unseasonably wet weather.
However, higher costs have had an impact on the chain. Wetherspoon has repeatedly disputed the suggestion that the move to sell pubs is down to difficult trading conditions. In the report, the Wetherspoons boss said: "The gradual recovery in sales and profits, following the pandemic, has continued in the current financial year. Total sales are, again, at record levels, with fewer pubs. Sales per pub are approximately 21% higher than pre-pandemic levels, which has helped to compensate for the very substantial increase in costs."
Elaborating on the cost hikes, he explained: "For example, compared to the 2019 financial year, labour in this financial year has increased by approximately £164million, energy by £28million, repairs (also affected by labour costs) by £38million and interest (excluding IFRS 16 interest) by £16million."
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Some of the sales of the pubs are being managed by the commercial retail estate firm CBRE Group and Savills. According to the CBRE Group and Savills website, there are currently 14 Wetherspoon pubs which are classed as being "under offer" - this means that a buyer has presented an offer that is being considered by the seller.
Although even though an offer has been made, it doesn't necessarily mean the deal is definitely going through. In good news for fans, all sites are to remain trading as Wetherspoon until a sale has been officially completed, and will likely continue for a bit of time afterwards until the plan for the site is announced by Wetherspoons.
List of Wetherspoons pubs "avaialble"
- Pontlottyn, Abertillery
- Ivor Davies, Cardiff
- Market Cross, Holywell
List of Wetherspoons pubs "under offer"
- Asparagus, Battersea, London
- Wrong ’un, Bexley Heath
- Gate House, Doncaster
- Jolly Sailor, Bristol
- Mock Beggar Hall, Moreton
- Alfred Herring, Palmers Green, London
- Cross Keys, Peebles
- Sir Norman Rae, Shipley
- White Hart, Todmorden
- Spa Lane Vaults, Chesterfield
- Lord Arthur Lee, Fareham
- Regent, Kirkby-in-Ashfield
- Sir Daniel Arms, Swindon
- Hain Line, St Ives