16th Apr 2020 15:04
(Alliance News) - JD Wetherspoon PLC on Thursday took aim at a financial commentator's report which said the pub operator did not pay its staff or suppliers at the start of the UK's coronavirus lockdown.
Mark Brumby, a commentator for leisure industry-focused financial advisory firm Langton Capital, reported that Wetherspoon "said it would not pay suppliers or staff. It later agreed to pay staff for the work they had already taken."
Wetherspoon on Thursday, providing a transcript of a staff video filmed by Chair Tim Martin in March, said: "All employees will be paid as normal on Friday, March 27 for all hours worked up to and including Sunday, March 22."
The company added: "Wetherspoon has consistently paid a sum equivalent to about 50% of its net profits as a bonus to staff, 88% of which is paid to pub staff. In addition, the company has over 10,000 employee shareholders, who have received free shares over many years."
Venues such as pubs and bars in the UK were in March 20 told to close as the country bids to halt the spread of Covid-19.
Wetherspoon in March said that under the Coronavirus Job Retention Scheme, it will continue to pay a proportion of furloughed employees' pay, for those who would otherwise have been laid off during the crisis.
Wetherspoon shares were 2.3% higher at 840.50 pence each in London on Thursday afternoon.
By Eric Cunha; [email protected]
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