Wetherspoon (J.D) Regulatory News (JDW)

Correction Regarding TimeOut Article (31 January 2024)

An article about Wetherspoon, of 31 January 2024, in the online magazine TimeOut, contained a large number of misleading statements.

In the interests of brevity, four inaccuracies, among several others, are identified below:

1) The article said, in relation to Wetherspoon's financial performance, that:"?. given the number of people that rely on Spoons for a £4.79 burger meal or a £1.99 pint of Greene King IPA (as well as somewhere warm to socialise), the company's ongoing decline is no joke".

The statement that the company is in "ongoing decline" is demonstrably false.

Like all pub companies, Wetherspoon was unable to make a profit during the pandemic.

However, in its last financial year, ended July 2023, Wetherspoon made a pre-tax profit of £42.6 million.

Sales in the current financial year (2024), as publicly available documents demonstrate, are at record levels.

To characterise a very large recent improvement in financial performance as an "ongoing decline" is absurd.

2) The article said in relation to the company's acquisition of historic buildings and refurbishment for use as pubs that:

"It's true that JD Wetherspoon has form when it comes to taking over large, grand looking premises such as former cinemas, theatres, banks or bingo halls - and the chain has faced criticism for turning iconic venues such as Edinburgh's Caley Picture House or the Opera House in Royal Tunbridge Wells into identikit pubs".

This statement is incorrect.

For example, the Royal Opera House in Tunbridge Wells is clearly not an "identikit pub". It is a listed building which was refurbished by Wetherspoon, with the approval of English Heritage, retaining and upgrading historic features wherever possible.

The Caley Picture house, in Edinburgh, is also a listed building, which could not possibly be described as an "identikit pub". It has been restored by Wetherspoon, wherever possible, to its original condition.

Wetherspoon has won a significant number of awards for design, dating back to 1993, perhaps more than any other company, details of which can be found here https://www.jdwetherspoon.com/investors-home/bsr/awards.

Both the Royal Opera House and the Caley Picture House won CAMRA (The Campaign for Real Ale) "outstanding conversions and restorations" awards in 2020.

The restoration of the Royal Opera House also won a commendation in the 1997 "Royal Tunbridge Wells Civic Society Conservation Awards".

3) The article said in relation to the initial Covid-19 lockdown in March 2020 that:

"During the pandemic, (Mr Martin) also initially refused to offer staff furlough payments, before public outrage caused him to backtrack".

This statement is entirely fictitious.

Mr Martin at no stage said that the company would not pay its furlough payments.

All staff were paid weekly/monthly throughout the pandemic - not one payment to employees was missed or delayed.

When a number of newspapers and media organisations made similar inaccurate statements, they published corrections and apologies, following legal action, which are collated in an edition of the magazine, Wetherspoon News, called ''Does Truth Matter?'', which can be read online here https://www.jdwetherspoon.com/~/media/files/pdf-documents/wetherspoon-news/does-truth-matter_.pdf.

4) The article said that:

"Martin was even forced to sidestep his anti-immigration views and call for a new visa scheme to allow hospitality workers to enter the UK".

This statement is completely incorrect, as numerous media organisations have acknowledged. Mr Martin has never expressed anti-immigration views, including during the referendum. His views on the subject are summed up in evidence given by Mr Martin to the House of Lords' Economic Affairs Committee in 2017. Please see Appendix 1 below. A number of publications have issued apologies and corrections for making inaccurate comments on this subject, including, for example Yahoo News, in Appendix 2 below.

Immediate corrections are being sought from TimeOut.

Wetherspoon chairman Tim Martin said:

"Even though Wetherspoon has received enough corrections and apologies from the media to fill a magazine (''Does Truth Matter?'') in respect of the sort of misrepresentations contained in the TimeOut article, they continue to be repeated- and to be believed, as a result, by a percentage of the public. By this process "the lie becomes the truth". However, there is no doubt that articles such as the one in TimeOut gradually undermine the integrity and reputation of the press."

APPENDIX 1 - EXTRACT FROM "DOES TRUTH MATTER?"

Tim Martin's evidence to the House of Lords' Economic

Affairs Committee (published by parliament on 21 July 2017):

"Page 21: Members present: Lord Hollick (The Chairman);

Lord Burns; Lord Darling of Roulanish; Lord Forsyth of

Drumlean; Lord Kerr of Kinlochard; Lord Lamont of

Lerwick; Lord Layard; Lord Sharkey; Lord Tugendhat;

Baroness Wheatcroft.

The Chairman: Given the expected end of free movement

of people between the UK and EU, what would you like

to see replacing it that would control immigration?

Mr Tim Martin: At the risk of incurring the wrath of Lord

Darling, I think the referendum was about democracy.

You touched on the issue earlier. Looking round the

world, New Zealanders can work in Australia; the Irish

could work here and we could work there long before

the EU.

There is an argument based on pragmatism and proximity.

EU workers have been allowed to come and work here in

the past, and there is a case for them being able to do so

in the future on some preferential basis, partly on grounds

of pragmatism.

The reason it would be very difficult to do the same thing for

India or China is that they have 2.5 billion people between

them and you just cannot open your borders to them on a

pragmatic basis; but on a preferential work permit basis, and

with the historical links with Ireland, which will continue, you

can do something for EU countries.

The Chairman: Do you see the Government playing a role in

saying that the hospitality industry, or even the pub sector of

it, can have so many people, or would you allow the

market to decide that?

Mr Tim Martin: I do not know the answer to that, but

for the UK to be a successful country and economy in

the next 20, 30 or 50 years we need a gradually rising

population, and that will need some type of reasonably

controlled immigration.

If we do not get it, the economy will tend to go backwards.

We need a North American or Australian-type system."

APPENDIX 2 - EXTRACT FROM "DOES TRUTH MATTER?" - YAHOO FINANCE 2 JUNE 2021

Following an inaccurate Daily Telegraph report, for which it apologised, a considerable number of other publications repeated the same story and agreed to publish corrections.

The following correction was published in ''Does Truth Matter?'':

"Correction: In an article dated 2 June 2021 titled, "Brexit-supporting Wetherspoon boss calls for more immigration to plug staff shortages" it was suggested that Wetherspoon was having problems recruiting staff. In fact, as it has been acknowledged by the UK Telegraph newspaper who first published the incorrect story on 1 June 2021, Wetherspoon has not experienced any atypical recruitment issues and was in "a reasonably good position". It is accepted that Wetherspoon is not facing staff shortages or recruitment issues. We apologise for any confusion and are happy to correct the record."

Please send any questions by email to investorqueries@jdwetherspoon.co.uk

Notes to editors

1. J D Wetherspoon owns and operates pubs throughout the UK. 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.co.uk