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22 Jan 2021 15:32
22 January 2021
J D WETHERSPOON PLC
NEWS RELEASE - CORRECTION
A Guardian newspaper article (19 January), following the announcement of an equity placing by Wetherspoon on the same day, said that "Wetherspoon moves to buy smaller pubs on the cheap amid Covid crisis" and that "it is targeting pubs in central London."
These statements are completely untrue. Wetherspoon operates pubs which are three or four times larger than average and rarely "targets" existing pubs.
Wetherspoon's press release on 19 January said that the company is "considering ... a number of properties in central London, the freehold reversion of pubs of which it is the tenant, and properties adjacent to successful pubs".
All the company's pubs in central London had other uses before Wetherspoon's occupation - for example, the headquarters of the Hong Kong and Shanghai Bank, the former Marquee Club and the former ballroom of the Great Eastern Hotel.
Wetherspoon chairman Tim Martin said:
"The downfall of the master spy Karla in John Le Carré's epic novel was precipitated by creating a fictitious "legend for a girl". The Guardian should avoid legends and stick to the truth, lest it suffers the same fate as Karla".
Ends.
Enquiries:
John Hutson Chief Executive Officer 01923 477777
Ben Whitley Finance Director 01923 477777
Eddie Gershon Company spokesman 07956 392234
Please email any questions to investorqueries@jdwetherspoon.co.uk
Notes to editors
1. J D Wetherspoon owns and operates pubs throughout the UK and Ireland. The Company aims to provide customers with good-quality food and drink, served by well-trained and friendly staff, at reasonable prices. The pubs are individually designed, and the Company aims to maintain them in excellent condition.
2. Visit our website: www.jdwetherspoon.com
3. This announcement has been prepared solely to provide additional information to the shareholders of J D Wetherspoon, to meet the requirements of the FCA's Disclosure and Transparency Rules. It should not be relied on by any other party, for any other purposes. Forward-looking statements have been made by the directors in good faith, using information available up until the date on which they approved this statement. Forward-looking statements should be regarded with caution, because of the inherent uncertainties in economic trends and business risks.
4. This announcement contains inside information on J D Wetherspoon plc.
5. The current financial year comprises 52 trading weeks to 25 July 2021.
6. The next trading update is expected to be the Company's interim results update on 19 March 2021.
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