TIDMJDW
RNS Number : 4380G
Wetherspoon (JD) PLC
17 March 2020
17 March 2020
J D WETHERSPOON PLC
Holding Announcement
Wetherspoon notes the comments of Prime Minister Boris Johnson
yesterday.
Wetherspoon chairman, Tim Martin, said:
"I believe the government will make a tactical error in
resorting to de facto "lockdown".
"The Dutch position (see appendix 1 below) of frankly admitting
that most people will get the virus, while protecting the elderly
and sick, thereby building up group immunity, is the best path for
the UK.
"As scientists have said (see appendix 2 below) lockdown for
twelve weeks results in a further breakout of infections in
July.
"The difference in keeping the hospitality industry open, even
with reduced sales, is colossal (see appendix 3). The industry
contributes GBP120 billion a year of tax and six million jobs.
Wetherspoon alone contributes GBP2m a DAY of tax (see appendix
4).
"Lockdown delays the inevitable and destroys the tax base at the
same time, which will cripple the NHS and the economy.
"The Prime Minister should show Dutch courage and follow the
example of their PM Mark Rutte - and avoid taking French leave of
his senses by following the lockdown example of perfidious Emmanuel
Macron.
"The Dutch approach has the additional advantage of being in
tune with the robust instincts of the nation. This is evidenced by
Wetherspoon sales which have been positive in the last few weeks in
spite of storms and health scares.
"The Board continues to plan partially mitigating actions. The
Company will announce its interim results on 20 March 2020, when a
further update will be provided."
Appendix 1 - The Dutch Approach, The Telegraph, 16 March
2020
"Dutch Prime Minister Mark Rutte warned in a televised address
to the nation that most residents would get coronavirus, but he
ruled out a full lockdown like other European countries.
"Rutte says his government wants to build "group immunity" while
waiting for a vaccine, by letting the least vulnerable people catch
the virus while protecting the elderly and sick.
"This could take "months, or even longer", he added."
Appendix 2 - Imperial College Modelling, Prof Azra Ghani, The
Telegraph, 16 March 2020
"Prof Azra Ghani added that the modelling suggests that even if
the government waited until July to ease new restrictions - more
than three months - it could result in cases increasing again.
""We haven't found any way, at least in our understanding of
this so far, that we can ever release these [restrictions] unless
some other intervention occurs", she said.
"Are we then in a permanent state of outbreak?, she was asked.
"That's our current understanding," she said.
"The briefing took place immediately after the Prime Minster
spoke. Prof Ghani was joined by Prof Neil Fergusson, who heads the
team at Imperial and advises Number Ten."
Appendix 3 - Hospitality Industry Economic Contributions, The
Guardian, 16 March 2020
"Britain's hospitality industry contributes more than GBP120bn a
year to the economy and is worth more than the automotive,
pharmaceuticals and aeronautics industries combined. More than 3.2
million people work in pubs, restaurants and other outlets, making
it the third-largest sector for employment. A further 2.8 million
work in the wider supply chain."
Appendix 4 - Contribution to the economy, Extract from JD
Wetherspoon 2019 annual report, page 4
"Wetherspoon is proud to pay its share of tax and, in this
respect, is a major contributor to the economy. In the year under
review, we generated total taxes of GBP764.4m, an increase of
GBP35.6m, compared with the previous year, which equates to
approximately 42% of our sales - and also amounts to approximately
one-thousandth of all UK government revenue."
[There is a table, on page 4 of the 2019 JD Wetherspoon annual
report, indicating total tax paid by Wetherspoon.]
Enquiries:
John Hutson Chief Executive Officer 01923 477777
Ben Whitley Finance Director 01923 477777
Eddie Gershon Company Spokesman 07956 392234
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.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 26 July 2020.
6. The next trading update is expected to be the Company's
interim results statement on 20 March 2020.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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