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.
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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.
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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.
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