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.
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"
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Enquiries:
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Nigel Connor
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Legal Director
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07876 232529
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Eddie Gershon
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Company Spokesman
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07956 392234
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Please send any questions by email
to 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