Sir Tim Martin: Wetherspoon boss on Brexit, his successor and how he lost £100m
Sir Tim Martin, the founder and chairman of pub giant JD Wetherspoon, has opened up about the impact being such a prominent campaigner for Brexit has had on him and whether he thinks he actually made a difference in the debate.
The businessman became a household name during the 2016 referendum campaign thanks to his passionate and full-throated advocacy for the UK’s exit from the EU.
His stance saw him featured heavily in the media ahead of the vote and in its aftermath, attracting both supporters and detractors alike.
In the latest episode of City PM‘s on-camera interview series, Boardroom Uncovered, Sir Tim Martin explains the impact putting his head above the parapet had on him and his company, which included the resignations of two board directors.
Sir Tim also discusses why he shuns the luxury afforded to him after amassing a fortune of more than £400m and instead drives a 20-year-old Vauxhall.
The entrepreneur also explains what kind of boss he is, if he ever has a typical day and his succession plans. It is also revealed that Sir Tim once lost £100m.
How has Wetherspoon been performing?
In a trading update issued to the London Stock Exchange in May, Wetherspoon revealed that its like-for-like sales had increased by 5.2 per cent in the 13 weeks to April 28, 2024, compared to the same period in 2023.
Year-to-date sales had risen by 8.3 per cent while total sales grew by 3.3 per cent and 6.5 per cent in the year to date.
At the time, Sir Tim Martin said: “Sales in the period continued the steady recovery from the pandemic.
“Traditional ales, which were very slow in the aftermath of the lockdowns, are increasing momentum, with Abbot Ale, Ruddles Bitter and Doom Bar showing good growth, as indeed are ales from the many small and micro brewers with which we trade.
“The gods of fashion have smiled upon Guinness, previously consumed by blokes my age but now widely adopted by younger generations.
“Also selling well among younger generations are Au Vodka from Swansea and XIX flavoured vodkas, the latter promoted by the hugely popular Sidemen.
“Wine has been on the comeback trail, with Villa Maria Sauvignon Blanc, from New Zealand, popular among Wetherspoon representatives of the chattering classes.
“Sales of Lavazza coffee are also increasing. Free refills are thought to be responsible for spontaneous exhibitions of breakdancing among retired customers.”
For its most recent financial year, Wetherspoon posted a revenue of £991m, up from £916m, and a pre-tax profit of £36m, an increase from £4.6m.
Earlier this week, Sir Tim said the firm was gradually recovering from pandemic-linked setbacks, with record sales in the second quarter despite the soaring price of a pint.
The chain reported a 5.8 per cent year on year increase in sales in the 10 weeks to July 7, with year-to-date sales up by 7.7 per cent year on year.
“The gradual recovery in sales and profits, following the pandemic, has continued in the current financial year,” Sir Tim said. “Total sales are, again, at record levels, with fewer pubs.”
Boardroom Uncovered
Boardroom Uncovered is City PM‘s on-camera interview series featuring the bosses of the biggest and best-known companies operating in the UK.
Guests in previous episodes have included the likes of IKEA’s UK CEO Peter Jelkeby, the boss of American Golf, Nigel Oddy, and the co-founder of Bloom & Wild, Aron Gelbard.