Tim Martin: “Spontaneous breakdancing” in Wetherspoon’s pubs as sales jump
Coffee and real ale are powering growth at Wetherspoon's pubs, reckons boss Tim Martin
Wetherspoon showed little sign of slowing down in the last quarter with like for like sales up more than 5 per cent through the spring.
The pub chain told markets this morning that equalising for bank holiday dates, like for like sales for the first three months of its financial year to the end of April were up 6 per cent.
The pub company chairman Tim Martin said sales had “continued the steady recovery from the pandemics” and guided investors towards profit in the current financial year to be “towards the top of market expectations.”
In a typically colourful release, the firm said traditional ales, Guinness and a gold-bottled vodka had all done well.
Tim Martin also said “sales of Lavazza coffee are also increasing” with “free refills thought to be responsible for spontaneous exhibitions of breakdancing among retired customers.”
The Spoons boss also said wine was on the comeback trail after questions about its popularity.
“Villa Maria sauvignon blanc, from New Zealand, (has become) popular among Wetherspoon representatives of the chattering classes,” Martin said.
Total sales increased by 3.3 per cent in the quarter and by 6.5 per cent year to date.
The pub company is currently offloading some of its estate, and this morning confirmed it has sold or surrendered 18 pubs in 2024.
“Most of the pubs were smaller and older, or where the company has a second pub in reasonably close proximity,” the firm said. The sales raised £6.8m.
In the same period it has opened two pubs – bringing the trading estate to a total of 809.
