Sales boom for 99p pint
Drinkers have been surging into Wetherspoon pubs in the last fortnight after the chain slashed the price of beer to just 99p.
JD Wetherspoon, which runs more than 700 pubs nationwide, announced this month that it was turning the clock back to 1989, the last time draught beer was available for less than £1. As a result its pubs saw like-for-like sales jump by 6.4 per cent over the past two weeks.
The frothing sales figures compare to a rise of just 2.6 per cent over the previous 12 weeks. Local pubs include Kidderminster's Penny Black, in The Bull Ring, The George in Load Street, Bewdley, Ye Olde Crown Inn, Bridge Street, Stourport, the Abraham Darby in Merry Hill shopping centre and the Full Moon in Dudley.
The offer, which includes Greene King IPA has been criticised because of fears it could fuel irresponsible drinking.
But Wetherspoon said it was trying to help those caught in the economic slump.
Chairman Tim Martin added: "We are probably the biggest pubs company for students and pensioners and those two groups in particular have been very keen." JD Wetherspoon today reported a surge in sales after the pub chain slashed the price of a pint of beer to 99p.
Meanwhile the company has cancelled future dividend payouts to shareholders and slashed spending on new pub openings because of fears it might not be able to renew a £95 million loan that is due in September.
Although Wetherspoons says it is in good financial shape, worries about the banks' ability to provide finance and credit has led the pub company to cut its spending so, if necessary, it can pay the loan out of its cash flow.
