Wetherspoons to sell 39 more pubs as sales slow

Wetherspoons said it was selling 39 more pubs, as sales slowed and the pub chain warned of “substantially higher” costs for staff, food and repairs.

Like-for-like sales in the 14 weeks to 6 November were 9.6% higher than in the same period last year, and 0.4% higher than pre-pandemic levels. In the last five weeks, sales were up 8.9% year-on-year, but 1.1% lower than the same period in 2019.

Wetherspoons fell more than 4%.

The company wants to sell 39 pubs that are close to other Wetherspoons and has sold five other outlets.

The company, run by Tim Martin, said: “Trading has been broadly in line with expectations, although October has been a slightly slower month.”

“In my comments on the full year results released on 7 October 2022, I set out various threats to the hospitality industry and these continue to apply. Those caveats aside, in the absence of further lockdowns or restrictions, the company remains cautiously optimistic about future prospects.”