JDW plans two new pubs as profits rise

By Nikkie Sutton

- Last updated on GMT

Cash injection: JDW has spent £70.9m buying freeholds of sites where the pubco was previously a tenant
Cash injection: JDW has spent £70.9m buying freeholds of sites where the pubco was previously a tenant
Pub giant JD Wetherspoon (JDW) has announced its like-for-like sales for the 13 weeks to 28 April 2019 have increased by 7.6% and total sales by 8.4% in its third quarter trading update.

Year-to-date like-for-like value sales have also risen by 6.8% and total sales are up by 7.6%.

Since the start of the financial year, JDW has opened three new sites and closed seven. It also revealed plans to open two further pubs in the current financial year.

Significant investment

In this financial year to date, the pub group has spent £70.9m on buying the freeholds of pubs, where JDW was previously a tenant.

The pubco giant described its financial position as “sound” with net debt at the end of the quarter at £746m and is expected to be about £740m at the end of the financial year.

JDW chairman Tim Martin said: “We continue to anticipate a trading outcome for this financial year in line with our previous expectations.”

This follows the news that JDW opened a new site in Carlow, Ireland, after a €3m (£2.6m) investment​ alongside the creation of 65 new jobs.

New site

The pub, which is called the Tullow Gate and opened this month (1 May), is managed by Damien McConomy who was previously at JDW’s first pub in Ireland – the Three Tun Tavern in Blackrock.

The Tullow Gate opens from 8am until 11.30pm Monday to Thursday, from 8am until 12.30am on Friday and Saturday and from 8am until 11pm on Sunday. Alcohol is served from 10.30am Monday to Saturday and from 12.30pm on Sunday. Food is served throughout the day from opening until 11pm every day.

The new site specialises in real ales, alongside craft and world beers with a wide range of different draught ales and bottled beers from local and regional brewers.

The first-floor roof external terrace, accessed via summer doors through the first-floor bar, has a partially covered pergola and retractable sun awning and semi-covered booth seating.

Related topics: JD Wetherspoon

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