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Wetherspoon's announces record sales

Pub group JD Wetherspoon has announced record sales with turnover up 1.2% in the year to 26 July 2009. This is a sector which has been hit very hard by the UK recession but JD Wetherspoon, which operates at the value end of the market, has been very proactive in introducing breakfast and other meals to the mix. It looks as though the attraction of cheap food and cheap drink brought together under one roof have helped to protect the company from the worst of the recession with profits up to £66.2 million against £61.5 million expectations for the full year.

The company is now looking at a possible refinancing of its £435 million credit facility which is due to expire in December 2010 and to be honest what better time than after announcing better-than-expected figures?

This is a group which continues to grow despite the fact that the UK pub industry has been in decline for many years. We hear in the news about the number of pubs closing every week in the UK but somehow JD Wetherspoon appears to have found a niche which is both reliable and appears to be growing. Whether the company would fare as well in Scotland, where happy hour and cheap drinks are to be banned, is open to debate!

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