Pub group JD Wetherspoon has said 22 of its pubs remain up for sale after offloading 28 already so far this year as part of an overhaul of its estate.
The group denied the move was a “money-raising exercise” amid tough trading conditions, insisting that the “almost all” of the sales are in areas where it has another pub nearby.
It comes after the firm – which has 827 pubs across the UK – warned last September that 32 pubs were being put up for sale due to a “commercial decision” as it battled higher food and energy costs.
But in its latest update, it said it was a “misinterpretation” to suggest the move was down to difficult trading conditions.
It said: “In fact, the disposals have raised relatively modest amounts (although every little helps) and almost all are related to circumstances … where there is another Wetherspoon pub nearby.”
It came as Wetherspoon notched up another double-figure hike in sales and said it was being boosted by easing energy costs.
The firm saw sales lift 11.5% year on year in the 10 weeks so far of its final trading quarter and are up 12.9% in the financial year to date.
Compared with pre-Covid trading in 2018-19, sales in the fourth quarter so far are 11% higher.
The firm said profits for the year to July 30 are set to be in line with market expectations, having improved its outlook in May.
It added that lower costs are set to boost its performance in the next financial year.
Wetherspoon chairman Tim Martin said: “As a result of a continued improvement in sales and a slightly reduced expectation for cost increases, for example energy costs, the company anticipates an improved outcome for the next financial year, and anticipates an outcome for the first half of 2023-24 approximately in line with the second half of 2022-23.”
In May, Wetherspoon predicted record sales for the year to July after sales jumped 12.2% in the three months to April 30 thanks to a bumper Easter and May bank holiday trading.
