Pub Chain Sees Profit After the Return of Older Drinkers
Wetherspoons, the popular pub chain, is finally back in profit after the return of older drinkers following the pandemic. Chairman Tim Martin credits the resurgence to the older age groups heading back to the pub. As a result, the company reported profits of £42.6 million for the year to the end of July, compared to a loss of £30.4 million last year. Total sales also saw a 10.6% increase, reaching a record £1.9 billion.
Price of Pints Expected to Remain Steady
According to Tim Martin, the price of pints is not expected to rise significantly higher as inflationary pressures start to ease. While he does not anticipate any price reductions, he suggests that prices will not surge due to these factors.
Government Urged to Reform Tax Rules on Food and Alcohol
Mr. Martin also called on the government to reform tax rules on food and alcohol in pubs. He highlights that over the past 35 years, pubs have lost half of their beer sales to supermarkets, which benefit from lower rates of VAT. By implementing tax policies that favor pubs over supermarkets, he believes that a more equitable and sustainable system can be achieved.
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