Taxing year for pub chain Wetherspoon
JD Wetherspoon will slow the pace of new pub openings in the next year as it grapples with a £50million increase in its annual tax bill.
The chain said yesterday it was on track to open 40 pubs in the 12 months to July 29 but expected this to slow to 20-30 sites in the next financial year.
It renewed its attack on cost pressures from UK Government legislation, including recent increases in excise duty and carbon tax, and said its tax bill in the current financial year would be about £500million. The firm added: “We have created approximately 3,000 jobs in the same period but all of the economic benefits of our expansion are currently being levied by the government as taxes; an unsustainable situation.”
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