Wetherspoon’s boss £44 million richer from general election result

Boris Johnson during a visit to Wetherspoons Metropolitan Bar in London with Tim Martin, chair of JD Wetherspoon. Picture: Henry Nicholls/PA Wire/PA Images - Credit: PA Wire/PA Images

Pro-Brexit pub chain boss Tim Martin is £44 million richer as a result of the general election result.

Despite backing Nigel Farage’s Brexit Party, shares in Wetherspoons jumped nearly 10% by lunchtime on Friday, meaning Martin’s 32% stake is now worth £531 million.

On Thursday night it was worth £487 million, meaning – on paper at least – the outspoken Brexiteer saw his fortune jump by £44 million as the stock market responded to the election result.

A Wetherspoons share is now worth 1,619p, up from 1,482p.

Martin has been one of the few business leaders to speak in support of Brexit – putting him at odds with the majority of other companies, who continue to warn that the new government must provide clarity on the future relationship with the EU.

Using his Wetherspoons magazine to put forward his case for Brexit, the pub group also spent £94,856 on Brexit beer mats and other publications.

The boss also vowed to remove EU drinks from menus – although favourite tipples including Guinness from Ireland and Prosecco from Italy are expected to stay.

Earlier this week, Wetherspoons also announced plans to invest more than £200 million in pubs and hotels over the next four years, creating around 10,000 jobs.