Wetherspoon boss: price rises 'inevitable'

By Mark Wingett, M&C Report

- Last updated on GMT

Related tags: Pub operator jd, Cost

Martin: aims to defy the analysts
Martin: aims to defy the analysts
Tim Martin has warned rising cost pressures across the pub industry will inevitably lead to price increases.

Tim Martin, chairman of managed pub operator JD Wetherspoon, has warned rising cost pressures across the pub industry will inevitably lead to price increases.

He said: "The industry is being hit left, right and centre, whether it's rising food costs and utility costs, falling bar sales or the plethora of taxes and levies.

"Modest price increases are inevitable. I don't think there is enough room in pub margins to absorb cost increases."

Speaking after the company reported a 2.4% rise in like-for-like sales for the 13 weeks to 24 April, Martin said that despite some analysts querying the company's pub opening targets, he was confident its overall objective would be achieved.

He said: "It is not a numbers game and whether we open 47 or 53 sites this year is not a worry, as we're confident of hitting overall targets."

Martin also felt there was more competition for sites than there was 18 months ago, although there are "opportunities for us to expand".

He said royal wedding and bank holiday trading was not the "crock of gold" everyone thought it would be as people stayed at home to watch the wedding.

Related topics: JD Wetherspoon

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