Pub chain Wetherspoons recorded its biggest loss on record as the business suffered heavily from the COVID-19 restrictions to hit the sector. The company has only seen losses in three of its 37 years—in 1984, 2020, and 2021. But the 12 months to July 25 were its worst to date, sinking to a pre-tax loss of £154.7 million ($211.8 million), up from £34.1 million ($46.7 million) a year ago. Sales were down from £1.26 billion ($1.73 billion) to £772.6 million ($1.057 billion). Founder and chairman Tim Martin said he remained hopeful for the future and customers were starting to return since lockdown restrictions eased in the summer. However, filling jobs was becoming difficult in some areas—particularly “staycation” locations in different parts of the country. He also attacked the government for its handling of the sector during the pandemic and claimed the use of lockdown restrictions were “a threat to civil …
Wetherspoons Sinks to Heaviest Loss on Record From COVID-19 Lockdowns
October 1, 2021
admin
0 Comment