Sales boost cheers Wetherspoon

PENNY-PINCHING by the finance houses that have bought thousands of Britain's pubs is driving customers into JD Wetherspoon's outlets, chairman Tim Martin said today.

Unveiling another strong set of like-for-like sales figures - up 6% in the three months to 28 October - Martin said: 'They are squeezing the assets too much for cash. That's great for us because we get more customers.' Sales in Wetherspoon's 541 pubs increased by £30m to £140.3m in the quarter, helped by 19 new pubs.

Martin said Wetherspoon had considered bidding for Wolverhampton & Dudley's unwanted Pitcher & Piano chain but would only pay about half the £70m asking price.

Financial houses own many pubs - Japanese investment bank Nomura owns one in 10 tenanted pubs, making it the biggest landlord by far.