Wetherspoons boss gives pub pricing update and slams ‘no-sense' tax pressures on boozers
PRICE IS RIGHT Wetherspoons boss gives pub pricing update and slams 'no-sense' tax pressures on boozers
SIR Tim Martin will not increase Wetherspoons' food and drink prices in the coming months, The Sun can reveal.
The Spoons boss said he would be able to make the pledge after revealing sales are now higher than before the pandemic, despite slamming the government's "no-sense" tax policies.
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The price promise came as Wetherspoons reported a 5.1% sales boost in 12 weeks to July 20
Credit: Jon Bond - The Sun
Wetherspoon increased prices on some drinks and meal deals by up to 30p back in January.
However, Sir Tim told The Sun: "We intent to hold prices at least for the summer and autumn."
The price promise came as Wetherspoons reported a 5.1% sales boost in 12 weeks to July 20, driven by strong demand for draught beers like Guinness.
The chain's shares jumped 3.6% as it announced sales volumes have now exceeded pre-pandemic levels.
Demand for New Zealand vino and Italian prosecco has also helped drive its recovery.
However, Sir Tim continues to slam the Labour government's unfair tax rules, saying they favour supermarkets and called for equal VAT and business rates for pubs.
He said: "The pandemic obviously had a big effect on the hospitality industry and it's taken some to recover.
"But we're affected by a difficult regulatory and taxation regions."
Sir Tim said that two major taxes need to be adjusted to help keep hospitalty "competitive and attractive for foreign capital".
He said: "Pubs must have tax equality with supermarkets.
"It makes no sense to give supermarkets favourable tax treatment - pubs pay 20% VAT on food sales and supermarkets pay nothing.
"Plus, we're forced to pay 28p of business rates per print versus 2p for supermarkets selling the same product."
Despite these hurdles, Wetherspoon is "pushing ahead and investing in the future," with plans to open 30 new pubs next year and invest in gardens and staff spaces as the chain continues to thrive.
While the exact locations haven't been revealed yet, these new sites add to several openings announced earlier this year, including one on the former grounds of The London Dungeon.
The Sun Wharf on Tooley Street, London Bridge is due to open on September 2.
The posh London neighbourhood of Fulham has also welcomed a new Spoons located in the old West London tube station.
Fans will be treated to three more openings this year, including a branch in Warwickshire which will open on July 29.
Two more sites are also due to open in Paddington and Beaconsfield.
Alongside expanding its estate, the chain has also been selling some of its smaller, older pubs.
The chain runs 794 pubs in the UK and Ireland.
The Wetherspoon boss confirmed he remains "very keen" on the idea of opening pubs overseas through the company's rapidly growing franchise business.
The pub giant already operates a few franchised pubs on university campuses and seven pubs within Haven Holiday parks.
Sir Tim added that he is "open to anything," including launching pubs in airports and campsites.
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