REG - Wetherspoon (JD) PLC - Correction re Mail Online article of 15/08/23

J D WetherspoonAnnouncement

18/08/2023 07:00

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RNS Number : 6931J  Wetherspoon (JD) PLC  18 August 2023

18 August 2023

J D WETHERSPOON PLC (the 'Company')

 

Correction regarding Mail Online article of 15th August 2023

 

On 4 August 2023 Wetherspoon issued a RNS statement (see appendix 1 below)
correcting a number of factual errors in a Daily Mail article of 1 August.

 

The Daily Mail subsequently reissued the article online, taking account of the
corrections.

 

Unfortunately, a Mail Online article of 15 August 2023 also contained a number
of errors.

 

The article of 15th August 2023 was headlined: "Wetherspoons delivers a major
blow to punters wanting a cheap bite to eat as it hikes food prices by 13% -
how much has YOUR favourite meal gone up by?"

 

The article went on to review pricing of a number meals at the Company's Oxted
Inn pub in Oxted, Surrey.

 

The review contained a number of factual mistakes.

 

The price of a Ham and Cheddar Cheese Panini was stated correctly as £5.53
but failed to notify readers that this price also included a free soft drink.

 

The price of an All Day Brunch with an alcoholic drink was stated as £11.11
when the correct price is £10.82.

 

Reference was also made to "pint prices at the chain's airport and certain
city pubs were revealed to have rocketed to an eye watering £7".

 

While one draught pint product (Leffe Blonde) has increased in price to over
£7 at one pub in London (The Moon under Water, Leicester Square), no other
draught product has and it is misleading and inaccurate to state that
Wetherspoon "pint prices" are now £7.00 in city pubs

 

The article also contains the following statement from Martyn James who is
described as "an independent consumer champion":

 

'People go to Wetherspoons because it's cheap. It remains to be seen if it
will retain its customers now it's the same price as everywhere else'.

 

This statement is incorrect- Wetherspoon is not "the same price as
everywhere else"

 

While the Company's prices do vary from location to location, a price survey
carried out by the Company's pubs into pricing at their nearest competitors in
April 2023 showed that the competitors' drinks prices were, on average, 43%
more expensive than Wetherspoon and competitors' food prices were, on average,
33% more expensive than Wetherspoon.

 

 

 

Wetherspoon chairman Tim Martin said:

 "Wetherspoon has identified a number of errors in recent Daily Mail
articles. It is important for the press to maintain a reputation of providing
accurate information for the public."

 

 

 

APPENDIX 1

 

J D Wetherspoon Plc Press Release 4(th) August 2023

 

Correction regarding Daily Mail article of 1 August 2023

 

A Daily Mail article of 1 August 2023 was headlined: "Wetherspoons closes more
pubs with dozens of boozers across Britain earmarked for closure…".

 

The article then said that Wetherspoon "has closed 29 pubs so far this
year…"

 

The article contained a number of mistakes, including the startling assertion
that, "In September 2023 the company announced that it was putting 32 of its
pubs up for sale."

 

In fact, the announcement was made in 2022, nearly a year before the article
appeared.

 

In general, the headline and article created a misleading impression.

 

Of the 28 pubs in question (not 29), 15 have been sold to other pub or
restaurant companies and are already open, or are due to reopen soon,
following temporary closure.

 

Describing pubs that are open as closed is inaccurate and alarmist.

 

The remaining 13 pubs were leaseholds and the lease had either expired, or the
location had been identified by the landlord for redevelopment, resulting in a
surrender of the lease to the landlord.

For example, Doncaster Airport closed and therefore Wetherspoon's pub in the
airport closed as well.

 

Wetherspoon surrendered its lease in Orpington to the landlord, as part of the
landlord's plans to redevelop the shopping centre.

 

In Basildon, Wetherspoon surrendered its lease to the landlord, who is
planning a major redevelopment in the town centre.

 

Wetherspoon has acquired another larger, freehold, site in Basildon, which is
due to open in approximately 12 months.

 

The statement by the Daily Mail that "dozens of boozers across the UK (are)
earmarked for closure" also creates a misleading and exaggerated impression.

 

The article said that a recent Wetherspoon trading update "suggests the
closures were due to difficult trading circumstances for the hospitality
industry in recent years".

 

However, the trading statement made no such comment. It said that the majority
of the Wetherspoon pubs in question "had another  Wetherspoon  pub nearby".

 

Wetherspoon chairman Tim Martin said:

"Pub disposals are a sensitive issue. Hyperbole and exaggeration from the
Daily Mail have created unnecessary alarm.

 

"Wetherspoon's annualised sales are now approximately £2 billion, the
highest ever level, and are over £100m per annum more than in the year
before the pandemic.

 

"Profits, as we said in our recent trading statement, are increasing and
employment is also at a record level. That is certainly not the impression the
Daily Mail article gave."

 

 

 

Enquiries:

John Hutson                 Chief Executive Officer
  07970 477377

Ben Whitley                   Finance Director
         07970 477428

Eddie Gershon              Company
Spokesman               07956 392234

 

Please send any questions by email to investorqueries@jdwetherspoon.co.uk
(mailto: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
(http://www.jdwetherspoon.co.uk)

 

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.

 

 

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