Jul 12, 2017
Brexit twist for Burberry and JD Wetherspoon
Burberry and JD Wetherspoon are not just from opposite ends of the London Stock Exchange's Official List. Burberry, of London SW1, said it would no longer house its new factory in an old flax mill, in Leeds LS11, after last year's vote for Brexit - so strong across northern England - had made it put investment plans on hold. JD Wetherspoon, headquartered almost north of Watford, accompanied news of higher investment with complaints from founder Tim Martin about Brexit "Gloomsters" in the "Supposedly sophisticated" London media. With its full-year operating margin only rising to 7.6-7.8 per cent from 6.9 per cent "Before exceptional items", and those items being £24m of costs from having to close or sell 38 pubs, the forecasts are not exactly for doubles all around. JD Wetherspoon says the closures are to remove old outlets close to newer ones, but admits it now needs like-for-like sales growth of 3-4 per cent just to maintain current profit levels.
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