Wetherspoons profits drop 19% and its boss is blaming Remainers

The boss of Wetherspoons has attacked the anti-Brexit ‘establishment’ following a fall of 19% in company profits.

Tim Martin, say the chain, which operates more than 900 pubs, has seen pre-tax profits drop to £50.3m in the six months to January.

Despite a 7.1% increase in revenue to £889.6m, it was not enough to offset a sharp rise in labour costs after a pay increase for staff in November.

The fall in profits also occurred after higher utility bills and maintenance costs.

Mr Martin, an outspoken Brexiteer, used a half-year earnings report to attack Remainers and called for MPs to reject Theresa May’s deal and refuse any option to remain in the EU.

‘The result has been a barrage of negative economic forecasts from those quarters, predicting that the UK will go to hell in a handcart without a “deal” with the EU — which will effectively tie the country into EU membership and taxation, yet without representation,’ he said.

‘The doomsters ignore the most powerful nexus in economics, between democracy and prosperity — and the fact that the EU is becoming progressively less democratic, as it pursues an “ever-closer union”, for which there is no public consensus.’

He added that if parliament were to vote for Theresa May’s ‘deal’ or remain in the EU, the referendum result would not have been respected.

‘This may well have significant adverse economic consequences, as the country turns in on itself to endure months, or years, of stifling constitutional argument,’ he said.

Mr Martin is currently on a tour of Wetherspoon pubs across the country, speaking to punters about why he thinks a no-deal Brexit would be Britain’s best option.

The pub chain has also announced plans to replace champagne and prosecco with sparkling wines from outside the EU.