REG - Wetherspoon (JD) PLC - Statement re Press Comment

J D WetherspoonAnnouncement

25/10/2024 14:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241025:nRSY7290Ja&default-theme=true

RNS Number : 7290J  Wetherspoon (JD) PLC  25 October 2024

Correction Regarding Investors' Chronicle Article (23 October 2024)

 

An article which appeared in Investors' Chronicle (No Free Lunch, 23 October)
contained a number of inaccuracies.

 

For example, it repeated the myth that Wetherspoon was named "after a teacher"
who said that Mr Martin would "never make it".

 

In fact, as Mr Martin has repeatedly said, the company was named after a
teacher who struggled to control the class- just as Mr Martin struggled to
control the first pub.

 

The article also says that Mr Martin "visited pubs anonymously with a
hygrometer" in the early days of the company.

 

This is also untrue- Mr Martin never visited pubs anonymously and he has never
owned, or used, a hygrometer.

 

More importantly, the article says, with regard to the 2016 referendum, that
Mr Martin "plastered his pubs with……biased articles in the pub chain's
free magazine."

 

In fact, unlike most mainstream newspapers, Wetherspoon News published
articles reflecting views on both sides of the referendum debate.

 

For example, the summer 2016 edition of the magazine, published approximately
a month before the referendum, contained pro- remain articles by Prime
Minister David Cameron, by Nick Clegg, by government minister Anna Soubry and
by Financial Times chief economics commentator Martin Wolf.  The above
articles appeared alongside articles by four pro-leave advocates. The articles
can be found here
(https://www.jdwetherspoon.com/wp-content/uploads/2024/10/2016-SUM-Debate-Wetherspoon-News-V2.pdf)
.

 

The editor of Wetherspoon News said, in an introduction to the above articles,
that:

 

"Most people feel confused by the conflicting arguments concerning the EU
referendum. Here, we have tried to present the arguments for and against- in
an easy to read format…. There is a lot to read, but it's an important
decision. So, grab a drink, find a corner and take an hour or two to weigh up
the information in your mind…".

 

The Investors' Chronicle also says that Wetherspoon "lost £ 210 million
between 2020 and 2022 DESPITE (Wetherspoon capital letters) receiving
government subsidies of £377 million".

 

This is a confusing statement - pubs were closed for long periods during the
pandemic. Furlough payments covered most, but not all, employment costs, but
clearly did not cover rent, interest and a plethora of other business costs.
Therefore, all pub and restaurant companies inevitably made substantial losses
"despite" receiving furlough payments.

 

The article contained other inaccuracies, falsely linking, for example, the
resignation of long serving non-executive directors to Mr Martin's stance on
the referendum.

 

Wetherspoon chairman Tim Martin said:

 

"The Investors' Chronicle article contained a number of inaccuracies. The
accusation that Wetherspoon News was biased cannot be sustained, since it
clearly featured arguments for and against Brexit and urged readers to make up
their own mind- unlike, for example, the Financial Times, a sister publication
of Investors' Chronicle, which adopted an entirely pro-remain stance. Ex
hypothesi, that WAS bias"

 

 

 Enquiries:
 Nigel Connor    Legal Director      07876 232529
 Eddie Gershon   Company Spokesman   07956 392234

 

 

Please send any questions by email to investorqueries@jdwetherspoon.co.uk
(mailto:investorqueries@jdwetherspoon.co.uk)

 

Notes to editors

 

1.      J D Wetherspoon owns and operates pubs throughout the UK. The
Company aims to provide customers with good-quality food and drink, served by
well-trained and friendly staff, at reasonable prices. The pubs are
individually designed, and the Company aims to maintain them in excellent
condition.

 

2.     Visit our website: www.jdwetherspoon.co.uk
(http://www.jdwetherspoon.co.uk/)

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  SPCBDBDGISDDGSU