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Share Price Information for Wetherspoon (J.D) (JDW)

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Share Price: 769.50
Bid: 766.00
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Change: 0.50 (0.07%)
Spread: 1.00 (0.131%)
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Over 360 JD Wetherspoon Pubs To Remain Shut After Tier Announcement

Thu, 26th Nov 2020 16:39

(Alliance News) - JD Wetherspoon PLC on Thursday said 366 of its pubs will remain shut following the UK government's latest update on virus restrictions.

Only the Isle of Wight, Cornwall and the Isles of Scilly – accounting for little over 1% of England's population – have been placed in the lowest Tier 1 set of restrictions, with all other areas set to face more serious limits to their freedom. Large swathes of the Midlands, North East and North West are in the most restrictive Tier 3, but the majority of people – including London – will be in Tier 2.

In Tier 1, the rule of six applies indoors and outdoors, people are urged to work from home if they can and pubs are limited to table service. In Tier 2 restrictions include a ban on households mixing indoors, while pubs and restaurants will only be able to sell alcohol with a "substantial meal".

Tier 3 measures mean a ban on households mixing, except in limited circumstances such as in parks. Bars and restaurants will be limited to takeaway or delivery services and people will be advised to avoid travelling outside their area.

Wetherspoon said it has 13 pubs in England which are in Tier 1, as well as 51 pubs in Wales where regulations line up with England's Tier 1 restrictions.

Tier 2 comprises 435 pubs, including 17 in Scotland where regulations are similar.

The FTSE 250 constituent said 366 pubs will remain closed, with 315 of these in Tier 3 in England and 51 in Northern Ireland and Scotland.

"This group of pubs will remain closed, since opening for takeaways, for example, is unlikely to be a realistic proposition," the pub operator said.

Wetherspoon Chair Tim Martin said: "It is very disappointing that yet another raft of regulations has been introduced, which has effectively closed half our pubs. In reality, the government has extended a form of lockdown, by stealth, in large swathes of the country."

Shares in Wetherspoon closed up 0.4% at 1,135.00 pence each in London on Thursday.

By Lucy Heming; lucyheming@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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