Wetherspoons Founder and Chairman Tim Martin says the pubco will splurge some £200m on a host of new pubs and hotels over the next four years. And that could be good news for the machines industry as gaming continues to deliver strong returns for the pub operator.
Cat C suppliers are in for a potential boom in business over the next four years, as PubCo chain JD Wetherspoon announces its intention to inject £200m in the opening of a string of new pubs.
Announced last week by the company’s chairman Tim Martin, the development project will seek to open “many more new pubs” and add a string of new hotels to the JD Wetherspoon portfolio, whilst simultaneously channeling funds into the redevelopment of its existing estate.
When all’s said and done, the company is hoping that the reinvestment initiative could add as many as 10,000 new jobs to its current staff rosters.
Significantly, Martin also said that the bulk of the new openings would take place in smaller towns and cities throughout the UK and Ireland: with locations specifically chosen in areas where there had been “a decline in investment in recent years.”
That said, the growth phase won’t entirely neglect the bigger conurbations, with new sites also tipped for London, Birmingham, Leeds, Dublin, Glasgow and Edinburgh.
Love it or hate it, JD Wetherspoon has proved something of an economic workhorse since its inception in the 1980’s – posting reliable year-on-year gains, almost without exception.
Despite the pervading Brexit nonsense, 2019 has proved no different for the chain: with annual cashflow up some 7.4 per cent to a whopping £1.82bn as of this July. Encouragingly for coin-op stakeholders, that result included a not-insignificant growth in the second half of the year for Spoons’ fruity business, with coin drop up 6 per cent on the 2018 comparative.
As for the role-out of new pubs, JDW isn’t beating around the bush: with Martin claiming that the first 10 to 15 sites will be up-and-running as early as next summer.
Meanwhile, Martin’s clear and oft-proclaimed pro-Brexit stance not withstanding, the firm doesn’t seem to be losing too much sleep over the uncertainties as to Britain’s fate within the European market: with Martin merely claiming that he anticipates a financial performance for the year “in line with our previous expectations.”