Weak Pound Sends Drinkers to Seek Cheaper Booze
J.D. Wetherspoon Plc chairman Tim Martin supported Brexit and now it seems Brexit is supporting him. His company’s stock has soared since the vote to leave the European Union as cost-conscious customers flock to pints and Curry Club at the cheap-and-cheerful pub chain, even as shares in peers Greene King Plc and Mitchells and Butlers Plc slump. Wetherspoon is likely to continue to see the benefits of consumer demand for low prices within the sector thanks to its value offer and High Street positioning, Investec analyst Karl Burns said in a note this month.