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Jan 19 (Reuters) - British pubs group JD Wetherspoon
plans to raise up to $128 million in its second cash call from
investors since the start of the COVID-19 pandemic, as the
government's latest order to close hospitality venues hammers
its finances.
While mass vaccination started across Britain towards the
end of 2020, stay-at-home orders since Christmas - which
followed some local curbs in the run-up to the holidays -
crushed any hopes of a quick rebound in the sector.
Budget-focussed Wetherspoons, which said it was burning
through around 4.1 million pounds per week in the lockdown, said
it planned to raise 92.1 million-93.7 million pounds ($125.4
million-$127.6 million) in a sale of new shares.
It plans to place 8.4 million shares at between 11 pounds
and 11.20 pounds apiece, a discount to Tuesday's close of 11.8
pounds.
The placing is not being underwritten, the company said in a
statement after markets closed.
"The COVID-19 outbreak is having a severe impact on the UK
pub sector. After a number of false starts, the hospitality
industry generally anticipates a return to more normal trading
patterns in the spring and summer," Chairman Tim Martin said.
He has been an outspoken critic of the government's handling
of the crisis and, like his counterparts at rivals including
Mitchells & Butlers and Marston's, has called
for greater support for the beaten-down sector.
Wetherspoons raised 141 million pounds in April last year
during Britain's first national lockdown.
($1 = 0.7343 pounds)
(Reporting by Shanima A and Muvija M in Bengaluru; Editing by
Edmund Blair and Mark Potter)
