British pub chain JD Wetherspoon eyes Irish regions
Shares in London rose by as much as 4% as JD Wetherspoon chairman Tim Martin said sales on a like-for-like basis in the UK and Ireland rose 3% in the 12 weeks to January 15, the second quarter of its fiscal year.
Mr Martin warned, however, that the firm’s wage bill was expected to rise by around 4%, and incur £9m (€10.3m) in additional business costs.
“Nevertheless, as a result of modestly better-than- expected year-to-date sales, we currently anticipate a slightly improved trading outcome for the current financial year, compared with our expectations at the last update,” said Mr Martin.
A spokesperson for JD Wetherspoon told the Irish Examiner it was trading very well in the Republic, where it has five bars, four in suburban Dublin and one in Cork city centre.
He added: “We are hopeful for favourable planning outcomes at two sites in Dublin at Abbey St and Camden St, with a projected investment of €20m on both sites and the creation of 20 jobs.”
He said that its sites in Waterford and Carlow were also being looked at for its next phase of development but that there were no immediate plans for expansion in Cork, where it has been speculated for more than a year that it would add to its Linen Weaver bar at Paul St.
JD Wetherspoon has previously stated its confidence in succeeding with its €4m hotel and bar plan for Camden St — despite objections from locals and a planning hold-up over council concerns about the high number of late-night venues in the vicinity.
The group said it believes that the development will benefit the city in terms of investment, jobs, and the refurbishment of a disused site.
Mr Martin has previously outlined his ambition to grow JD Wetherspoon to 30 bars in Ireland but conceded last July that it would take longer than he had initially anticipated.
JD Wetherspoon, founded in 1979 by Mr Martin, owns more than 950 pubs in Britain and Ireland, providing low-priced drinks and food, including breakfasts and promotions such as steak and curry clubs.
Mr Martin, a prominent backer of Brexit, has previously warned that a “bullying” approach by European leaders over Brexit risked hurting sales of French wine, German beer, and Swedish cider.
