The founder of JD Wetherspoon, Tim Martin, has sold almost £10m worth of shares in the pub chain.
Martin, who also chairs the hospitality company, sold 1.361m shares in the business on 26 July, according to a London Stock Exchange announcement. Shares in the business dropped in early trading on Monday as a result, 0.9% lower at 743p.
The famously outspoken Wetherspoons boss sold the shares at a price of 739p apiece, securing himself a £9.58m windfall. The sale has reduced his stake in the company from 25.68% to 24.58%, or 30.38 m shares. The company did not disclose a reason for the sale.
Martin founded the firm in 1979 with one venue, Martin’s Free House, and has since grown the business to 801 sites across the UK, employing 43,000 staff.
JD Wetherspoon revealed another recent improvement in sales earlier in July as it continued to sell off some venues. It reported that like-for-like sales had increased by 5.8% in the 10 weeks to 7 July despite unseasonably wet weather.
The company is reducing its pubs portfolio against a tough backdrop for an industry still wrestling with a hangover from Covid-19 venue closures and the ensuing energy and inflation crises, coupled with the cost-of-living pressure on consumers.
It opened two pubs but sold or surrendered the lease on 26 in the year to the start of July and had a further 10 trading pubs either on the market or under offer.
Martin is well known for appending his own lengthy political pronouncements to the company’s stock market updates.
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In the past he has espoused the virtues of Brexit and railed against Covid-19 lockdowns.
He praised the chancellor Rachel Reeves’ economic “pedigree” earlier in July as he called for tax changes to help the struggling hospitality sector.
