Oct 16, 2020

Pub chain JD Wetherspoon reveals first loss since 1984

JD Wetherspoon has reported its first annual pre-tax loss since 1984 as it laid bare the impact of coronavirus restrictions on the pubs industry. It revealed a £105.4m loss on sharply lower sales in the year to 26 July. London and Essex will come under Tier 2 restrictions while Liverpool has already been placed under tougher Tier 3 rules. "Mr Martin said:"There's massive confusion in the UK now because you've got the 'rule of six', Tier 2, Tier 3 - everyone's confused. Wetherspoon's full-year results - which cover the first weeks after pubs were allowed to reopen on 4 July - reveal that sales dropped by 30.6% to £1.2bn. The company said that since reopening, like-for-like sales at its pubs were 15% lower compared to last year: "With strong sales in the first few weeks, followed by a marked slowdown since the introduction of a curfew and other regulations."

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