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.
You may also want to watch:
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.
Most Read
- 1 These are the 322 Tory MPs who voted against extending free school meals to children
- 2 Betty Boothroyd delivers scathing assessment of Boris Johnson's government
- 3 Question Time: Ex-Tory minister accused of making 'sickening' comment about free schools meals row
- 4 Priti Patel set to hand private firms £28 million in government contracts to deport asylum seekers from UK
- 5 Downing Street withholds praise for business and local authorities offering free meals to hungry children
- 6 At the upcoming US election, Donald Trump really is toast
- 7 The harsh truths learned from halt in Brexit talks
- 8 House of Lords defies No 10 and votes to heavily defeat Boris Johnson's Brexit bill
- 9 Priti Patel bullying inquiry may never be released, hints Boris Johnson's new civil service boss
- 10 Boris Johnson 'plans to resign' in six months because he can't live on £150k salary
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.
Become a Supporter
The New European is proud of its journalism and we hope you are proud of it too. We believe our voice is important - both in representing the pro-EU perspective and also to help rebalance the right wing extremes of much of the UK national press. If you value what we are doing, you can help us by making a contribution to the cost of our journalism.
