JD Wetherspoon reported rising sales but struck a cautious tone ahead of the Chancellor's Budget statement later this month. The pub chain's like-for-like sales grew 3.7% in the first 14 weeks of its financial year to 2 November, driven primarily by drinks.
Bar sales jumped 5.7%, while food sales rose just 0.9%. Slot and fruit machine sales surged 8.9%, though hotel room bookings fell 6.3%. The group operates nearly 800 pubs across the UK and employs around 42,100 staff.
Chairman Tim Martin said: «The company is pleased with the continued sales momentum but is mindful of the Chancellor's Budget statement later this month and, as a result, is slightly more cautious in its outlook for the remainder of the year.» Rising costs from wages and national insurance are adding approximately £60 million to annual expenses.
Martin highlighted the disproportionate impact of wage increases on pubs compared to supermarkets. A 10% wage rise increases the cost of a pint by about 15 pence in a pub versus about 1.5 pence in a supermarket, he said. This is «dramatically widening the pricing differential between pubs and supermarkets, to the anger and consternation of customers», Martin warned.
Corporate governance criticism
Martin also attacked UK corporate governance rules, particularly the "nine-year rule" limiting how long independent directors can serve. He argued that none of the chairmen of major US tech companies like Microsoft, Apple, Meta, Amazon or Nvidia comply with such guidelines. «As a matter of common sense, few sensible technology entrepreneurs would envisage a London flotation for this reason alone», he said.
London has struggled to attract major listings, falling to 23rd globally in IPO rankings earlier this year. The London Stock Exchange raised just £184 million in the first nine months of 2025, compared to roughly £17 billion in 2021. Martin noted that Nvidia alone is worth nearly 1.5 times the capitalisation of the entire London stock market.
Note: This article was created with Artificial Intelligence (AI).
