“Franchising could be very important, especially if we can copy companies like Starbucks and open up in Japan, China and India,” he said.
The comments follow JDW’s £25m investment drive across new pubs, major refurbishments and expanded franchise partnerships earlier this year.
Speaking to The Morning Advertiser (The MA), Martin said the cost increases of recent years had made new projects “more difficult” but confirmed the group’s plans to open around 15 new sites this year while maintaining capital reinvestment across the estate.
“Increased costs have put severe pressure on the entire hospitality industry,” he said. “In spite of that, Wetherspoon, being the world’s grooviest pub company, is continuing to invest and hopes to open 15 sites this year.”
Refurbs and openings
Approximately two-thirds of JDW’s annual capex is dedicated to refurbishing and improving existing pubs, with the remainder focused on new openings.
“Reinvestment includes staffrooms, improved kitchens and gardens,” Martin explained. “For some projects, such as staffrooms, on which we’ve spent about £45m in recent years, there’s no definable ‘return’ in the financial sense - it’s defensive expenditure to strengthen the foundations of the business.”
For larger developments, such as beer gardens, JDW typically targets a 10-year return on investment. However, Martin acknowledged that inflation and borrowing costs had limited the viability of some schemes.
“It’s essential to take account of increased running and development costs before going ahead with projects,” he said. “Inflation has probably resulted in fewer viable projects overall.”
Ahead of the curve
He also pointed to efficiency initiatives across the business. “If it’s IT or avant-garde equipment, we’re there,” he said. “Just ask me about the Robot Coupe, Rationale ovens, Daisy the chatbot, and I will be a mine of information.”
Looking ahead to 2026, Martin said JDW remained keen to invest but warned of continued cost and regulatory challenges: “The inflation of recent years, the increased regulation and the extraordinarily high pub taxes weigh heavily on any hospitality company.”
“We’re keen to invest but, as Shakespeare put it, ‘the multiplying villainies of nature do swarm upon us.’”