JD Wetherspoon boss sells £10m of company shares
As a result of offloading these pubs, JD Wetherspoon benefited from a net cash inflow of £8.7m
Register to get 1 more free article
Reveal the article below by registering for our email newsletter.
Want unlimited access? View Plans
Already have an account? Sign in
JD Wetherspoon boss Tim Martin has sold almost £10m worth of shares in the pub chain.
On 26 July 2024, Martin sold 1,361,000 of the company’s ordinary shares on the London Stock Exchange at a price of £7.39 per share.
As a result of the transaction, Martin’s voting rights in the company now comprise 30,382,253 shares which is 24.58 % of the issued share capital of the company.
The news comes after JD Wetherspoon revealed it has sold or surrendered a total of 26 pubs so far this year and has seen its like-for-like sales in the year-to-date increase by 7.7%.
According to the group, which currently has a trading estate of 801 pubs, most of the disposals were smaller and older sites, or were where the company has a second pub in “reasonably close proximity”.
As a result of offloading these pubs, JD Wetherspoon benefited from a net cash inflow of £8.7m.
Like-for-like sales during the 10-week period to 7 July also rose by 5.8%. JD Wetherspoon expects its net debt to be approximately £670m at the end of the financial year.
On 6 June, the group also signed a new four-year £840m banking agreement “on attractive terms”.
