British pub group J D Wetherspoon reported an increase in first-quarter sales on Wednesday, helped by easing costs and steady demand for its lower-than-average priced drinks and food despite the cost-of-living crisis.
The group, which owns and operates 816 pubs across the UK and Ireland, said it would spend about £70 million (€80.4 million) this year to improve its pubs.
Resilient customer spending has helped the hospitality industry deal with high costs as it recovers from pandemic lows.
However, the cost-of-living crisis remains a threat as cash-strapped shoppers turn to supermarkets to stock up on beers, wines and spirits.
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“Inflationary pressures have eased, but energy costs, in particular, remain at far higher levels than pre-pandemic, putting pressure on suppliers and the wider economy,” said chairman Tim Martin.
The group said its like-for-like sales rose 9.5 per cent in the 14 weeks ended November 5th, while total sales were up 8.1 per cent so far this year.
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JD Wetherspoon entered the Irish market in 2013, buying The Tonic Bar in Blackrock, Co Dublin, for €1.5 million. It sold the premises last year for about €2.5 million to a pub group co-owned by Noel Anderson and current and former Leinster Rugby players, Seán O’Brien, Jamie Heaslip, and Rob and Dave Kearney.
Its Dublin-based portfolio comprises The Forty Foot in Dún Laoghaire, The Great Wood in Blanchardstown, The Old Borough Hotel and pub in Swords, The Silver Penny on Lower Abbey Street, and the Keavan’s Port Hotel and pub on Upper Camden Street.
Last month JD Wetherspoon said it would sell its regional portfolio, with its premises in Cork, Waterford, Galway and Carlow up for sale, guiding at €10 million. Three of the four properties are trading: An Geata Arundel on Arundel Square in Waterford; The Linen Weaver on Paul Street in Cork; and The Tullow Gate on Tullow Street in Carlow. The fourth property, the former Carbon Night Club in Eglington Street in Galway, has recently been granted planning permission for a licensed premises and restaurant use.
— Reuters
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