Wetherspoon (J.D) Regulatory News (JDW)

Correction Regarding Investors' Chronicle Article (23 October 2024)

An article which appeared in Investors' Chronicle (No Free Lunch, 23 October) contained a number of inaccuracies.

For example, it repeated the myth that Wetherspoon was named "after a teacher" who said that Mr Martin would "never make it". 

In fact, as Mr Martin has repeatedly said, the company was named after a teacher who struggled to control the class- just as Mr Martin struggled to control the first pub.

The article also says that Mr Martin "visited pubs anonymously with a hygrometer" in the early days of the company.

This is also untrue- Mr Martin never visited pubs anonymously and he has never owned, or used, a hygrometer.

More importantly, the article says, with regard to the 2016 referendum, that Mr Martin "plastered his pubs with……biased articles in the pub chain's free magazine."

In fact, unlike most mainstream newspapers, Wetherspoon News published articles reflecting views on both sides of the referendum debate.

For example, the summer 2016 edition of the magazine, published approximately a month before the referendum, contained pro- remain articles by Prime Minister David Cameron, by Nick Clegg, by government minister Anna Soubry and by Financial Times chief economics commentator Martin Wolf. The above articles appeared alongside articles by four pro-leave advocates. The articles can be found here.

The editor of Wetherspoon News said, in an introduction to the above articles, that:

"Most people feel confused by the conflicting arguments concerning the EU referendum. Here, we have tried to present the arguments for and against- in an easy to read format…. There is a lot to read, but it's an important decision. So, grab a drink, find a corner and take an hour or two to weigh up the information in your mind…".

The Investors' Chronicle also says that Wetherspoon "lost £ 210 million between 2020 and 2022 DESPITE (Wetherspoon capital letters) receiving government subsidies of £377 million".

This is a confusing statement - pubs were closed for long periods during the pandemic. Furlough payments covered most, but not all, employment costs, but clearly did not cover rent, interest and a plethora of other business costs. Therefore, all pub and restaurant companies inevitably made substantial losses "despite" receiving furlough payments.

The article contained other inaccuracies, falsely linking, for example, the resignation of long serving non-executive directors to Mr Martin's stance on the referendum.

Wetherspoon chairman Tim Martin said: 

"The Investors' Chronicle article contained a number of inaccuracies. The accusation that Wetherspoon News was biased cannot be sustained, since it clearly featured arguments for and against Brexit and urged readers to make up their own mind- unlike, for example, the Financial Times, a sister publication of Investors' Chronicle, which adopted an entirely pro-remain stance. Ex hypothesi, that WAS bias"

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