WETHERSPOON TOASTS ROBUST START TO YEAR

The company reported a 4.5 per cent rise in total sales in the 13 weeks ending October 25, at which date it owned 738 pubs.

Sales at sites it owned a year ago were up 0.3 per cent but this marked a slowdown from the 1.2 per cent growth seen in the first 6 weeks of the period. Finance director Keith Down said he was not surprised by the fall off in the same-site figures as they faced tough comparisons with a period of heavy marketing last year when the company sent money-off vouchers to 16 million households.

He said: “Trading is still robust. We expect to see sales growth continue over Christmas as more people come out to celebrate.”

Down said Wetherspoon would begin talks with its lenders by the end of the year over the refinancing of its £435million debt.

The process is expected to be completed by March when the company is also expected to make a decision on reinstating its suspended dividend payments. Mark Brumby of Astaire Securities said: “We believe that the refinancing should be achieved without too much grief.”

Shares rose 12¾p to 477¾p.