Wetherspoon (JD) PLC Trading Update (9004E)
11 Noviembre 2020 - 1:00AM
UK Regulatory
TIDMJDW
RNS Number : 9004E
Wetherspoon (JD) PLC
11 November 2020
11 November 2020
J D WETHERSPOON PLC
TRADING UPDATE
J D Wetherspoon plc ('Wetherspoon' or 'the Company') provides a
trading update for the 15 weeks to 8 November 2020, comprising Q1
and a further fortnight.
For the 15 weeks to 8 November 2020, like-for-like sales
decreased by 27.6%.
Sales in October were significantly lower than the previous
months, following the imposition of a number of new restrictions,
including changes in the tier categories, a 10pm curfew, a
requirement to order all food and drink 'at the table', and the
mandatory use of face masks when moving around inside pubs.
As of today, 756 pubs in England, Northern Ireland and the
Republic of Ireland are closed. These pubs will remain closed until
the Company receives guidance from the UK and Irish governments to
the effect that pubs are permitted to re-open. There are currently
64 trading pubs in Scotland and 51 in Wales. The Scottish pubs, in
particular, are subject to an extremely onerous tier system which,
as has been widely reported, is having a serious effect on
trade.
The Company undertook a share placing in April 2020 that raised
GBP137.7 million, and GBP48.3 million was raised through a CLBILS
loan in August 2020. The Company had GBP234 million of liquidity on
25 October 2020. Liquidity is significantly higher, and current
liabilities are lower, than before the March lockdown.
We estimate the 'cash burn' during the month of closure to be
approximately GBP14 million.
Wetherspoon chairman Tim Martin said:
"For any pub or restaurant company trading in different parts of
the UK, and for customers generally, the constantly changing
national and local regulations, combined with geographical areas
moving from one tier to another in the different jurisdictions, are
baffling and confusing. The entire regulatory situation is a
complete muddle. However, the initial regulations, following
reopening, introduced on 4 July, were carefully thought through,
followed thorough consultation, and were based on solid scientific
foundations of social distancing and hygiene. The benefits of the
regulatory hyperactivity since then, including the imposition of a
curfew, are questionable.
"A particular anxiety in the hospitality industry relates to the
future timescale for the ending of "temporary" regulations.
Veterans of the industry will recall that the afternoon closing of
pubs between about 3pm and 6pm was imposed in the First World War,
to encourage munitions workers to return to their factories - but
the requirement for afternoon closing was only abolished in
1986."
Enquiries:
John Hutson Chief Executive Officer 01923 477777
Ben Whitley Finance Director 01923 477777
Eddie Gershon Company spokesman 07956 392234
Please email any questions to
investorqueries@jdwetherspoon.co.uk
Notes to editors
1. J D Wetherspoon owns and operates pubs throughout the UK and
Ireland. 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.com
3. This announcement has been prepared solely to provide
additional information to the shareholders of J D Wetherspoon, to
meet the requirements of the FCA's Disclosure and Transparency
Rules. It should not be relied on by any other party, for any other
purposes. Forward-looking statements have been made by the
directors in good faith, using information available up until the
date on which they approved this statement. Forward-looking
statements should be regarded with caution, because of the inherent
uncertainties in economic trends and business risks.
4. This announcement contains inside information on J D Wetherspoon plc.
5. The current financial year comprises 52 trading weeks to 25 July 2021.
6. The next trading update is expected to be the Company's trading update on 20 January 2021.
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END
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