JD Wetherspoon has said it expects all of its pubs to remain closed until at least April as coronavirus restrictions forcing hospitality venues to close their doors continue.
So far, the pub chain has made 'zero' sales in 2021 across the 872 venues, and all Wetherspoon pubs have remained closed since 31 December 2020.
However, just because the pubs are closed, that doesn't mean they aren't having to pay money out. In fact, they're currently spending around £4.1 million each week.
In addition to that, 99 percent of the 37,674 employed by Wetherspoon are currently furloughed.
The plan had been to entice customers back through the doors with a number of offers and slashed prices for January - something they've done with success before - but much of England was plunged into Tier 4 before New Year's Eve, and then the third national lockdown commenced shortly afterwards.
When that lockdown will end isn't immediately clear, although some Tories have demanded that Prime Minister Boris Johnson set out plans to end it from 8 March.
However, the reopening of schools will take priority over the reopening of the hospitality sector, it is thought.
Not many would argue with that logic, as much as we could all use a pint just now.
Wetherspoon chairman Tim Martin said: "The Covid‐19 outbreak is having a severe impact on the UK pub sector.
"After a number of false starts, the hospitality industry generally anticipates a return to more normal trading patterns in the spring and summer, as a result of the introduction of a mass vaccination programme."
In a statement to investors, Wetherspoon said the lockdowns in the UK have 'adversely affected' the hospitality industry, and that the pubs will likely remain shuttered until at least the end of March.
Despite the large amount of cash being spent despite no sales being made, the company confirmed that they have 'sufficient liquidity' to the end of the current financial year in April.
Martin also announced the company had raised £93.7 million through a share placing, and argued that the recession that has resulted from the pandemic represents 'opportunities for acquisitions at attractive prices'.
His statement continued: "The equity placing announced today will help the company, along with the other actions it has taken, to emerge from the pandemic in a strong position. Very many thanks to everyone at the company, and also to its shareholders, suppliers, landlords and banks, for their support and commitment."
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