Wetherspoon boss Tim Martin issues update on whether pub prices will go up

The boss of Wetherspoon has revealed the pub chain will not increase prices of food and drink over the next few months.

It comes after Wetherspoon increased prices on some drinks and meal deals by up to 30p back in January. Sir Tim Martin told The Sun: "We intend to hold prices at least for the summer and autumn."

However, Sir Tim also slammed tax rules on pubs. Pubs and restaurants pay standard rate of 20% VAT on food and drink, whereas supermarkets pay zero VAT on similar items. He said: "Pubs must have tax equality with supermarkets."

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It comes after Wetherspoon revealed plans to open 30 new pubs over the year ahead, creating 1,800 jobs. Around half the 30 new pubs planned for the coming year will be managed by Wetherspoons itself, the other half will be run by franchisees.

Among the 15 directly-run pubs planned are in Edinburgh Old Town, Farnham in Surrey, Basildon in Essex, Manchester and Heathrow Airports, London Bridge and Paddington in the capital, and Glasgow.

Wetherspoon has 794 pubs after opening three in the past year and selling nine. The pub chain had as many as 955 sites in 2015.

Meanwhile, the pub chain recently revealed its sales increase by 5.1% in the three months to July 20, compared like-for-like with the same period last year.

The volume of sales recently overtook pre-pandemic levels, the company revealed. Wetherspoon also

Wetherspoon is expecting to meet its profit forecasts for the year, despite warning over the impact of higher labour costs following increases to employers’ National Insurance contributions and the minimum wage.

It has previously warned it is facing a £60million hit from the higher business costs. Wetherspoon revealed Guinness had been a “standout performer” and helped boost sales, along with higher demand for breakfasts.

Sir Tim said: “Draught volumes are performing strongly with Guinness being the standout performer. On the food front, breakfasts, terribly slow post-pandemic, have recovered their lustre and are now well ahead.

“Chicken, also, has put in a clucking good performance and volumes in recent weeks are up by about 50% compared to pre-pandemic levels.”

Julie Palmer, partner at business advisory firm Begbies Traynor, said: “With estimates that many pubs are at risk of being lost this year, Wetherspoon’s scale and financial discipline will insulate it from the pressures that are pushing independent operators to close their doors.

“As such, we may be heading towards a world where pubs have to deliver a strong gastro, unique after-work captive audience offering or become a well-run giant like Spoons.”