10th Dec 2019 09:29
(Alliance News) - J D Wetherspoon PLC on Tuesday said it will invest over GBP200 million in the next four years to improve and expand its pub estate.
The FTSE 250-listed company, which operates pubs and hotels under the Wetherspoon brand name, will invest the money in developing new pubs and hotels as well as enlarging its existing pubs across the UK and Ireland. The company currently operates 875 pubs and 58 hotels in total.
"The majority of the investment will be channelled into developments in small and medium sized towns, but will also include larger towns and cities. These are set to include new pubs in Bourne, Waterford, Hamilton, Ely, Diss, Felixstowe, Newport Pagnell and Prestatyn," Wetherspoon said.
Wetherspoon, which is led by company founder and prominent Brexiter Tim Martin as chair, also intends to invest in major UK cities including London, Dublin, Edinburgh, Glasgow, Birmingham, Leeds and Galway.
Martin said: "We are especially pleased that a large proportion of the investment will be in smaller towns and cities which have seen a decline in investment in recent years."
"The fact that we will be creating approximately 10,000 jobs is great news too," the chair added.
In November, the pub operator also reported a 5.3% like-for-like sales rise in the 13 weeks to October 27, with total sales up by 5.6%. Wetherspoon predicted its full-year results to be in line with expectations.
Wetherspoon shares in London were down 0.8% at 1,496.00 pence each on Tuesday morning.
By Tapan Panchal; [email protected]
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