July 11th 2024.
JD Wetherspoons has a big dream for the future - to have 1,000 pubs operating under their name. However, this may mean saying goodbye to some of your favorite local spots. That's right, your nearest Wetherspoons might be closing down for good.
Despite the company's success in recent years, with skyrocketing pre-tax profits and increasing sales, they have announced their plans to shut down 61 pubs by the end of the year. This comes after the closure of 41 pubs last year. It seems that even with their financial success, they are still facing challenges.
Many Wetherspoons locations have already closed or changed hands, with more listed as up for sale. From London to Liverpool, 26 pubs have surrendered their lease, and others are quietly closing their doors. One such pub is the Spa Lane Vaults in Chesterfield, one of the dozens of pubs currently up for sale.
Wetherspoons has become known for its affordable food and drinks, with their refusal to increase the price of their £5.75 breakfast, even during times of economic crisis. The company's chairman, Tim Martin, has stated that while their profits are on the rise, they have still not reached pre-pandemic levels. Despite the closures, Martin remains hopeful and believes that as inflation eases, they will be able to open new branches.
It is worth noting that Wetherspoons has been steadily increasing their ownership of pubs, with 71% of their locations now being freehold compared to 41% in 2010. This means that the company owns the land outright, rather than leasing it. It seems like they are confident in their long-term plans, as they have stated their goal of opening 130 new pubs over the next 10 years.
Some of their most recent openings include the Captain Flinders near Euston Station in London and the Scribbling Mill in the White Rose Shopping Centre in Leeds. In their financial report in March, Wetherspoons stated their goal of reaching 1,000 pubs. They also noted that, despite a reduction in the overall number of pubs, their sales have continued to increase.
But for now, as the year comes to a close, many Wetherspoons are serving their last orders for the foreseeable future. Some have already closed, including the John Masefield in New Ferry and the Angel in Islington. There are also several pubs up for sale, such as the Pontlottyn in Abertillery and the Market Cross in Holywell.
It's not all bad news, however. Wetherspoons is still looking to open new pubs in 130 towns and cities, with recent openings including the Lion and Unicorn at Waterloo Station and the Captain Flinders in London. So while some may be closing, there is still hope for new locations in the future. Only time will tell which Wetherspoons will remain open and which will be closing their doors for good.
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