Tim Martin Sells £10m Worth of JD Wetherspoon Shares Amid Market Fluctuations

Tim Martin, the founder and chairman of JD Wetherspoon, has sold nearly £10 million worth of shares in the pub chain, according to a recent announcement from the London Stock Exchange. On July 26, Martin sold 1.361 million shares at a price of 739p each, resulting in a total windfall of £9.58 million. Following the sale, shares in the company fell by 0.9% to 743p in early trading on Monday, and Martin's ownership stake decreased from 25.68% to 24.58%, equating to approximately 30.38 million shares. The reasons behind Martin's decision to sell the shares have not been disclosed by the company. Since founding JD Wetherspoon in 1979 with a single venue, Martin has expanded the business to 801 locations across the UK, employing around 43,000 staff members. The company recently reported a 5.8% increase in like-for-like sales for the 10 weeks leading up to July 7, despite facing challenges from adverse weather conditions. JD Wetherspoon is currently navigating a difficult landscape, marked by the lingering effects of the COVID-19 pandemic, rising energy costs, inflation, and consumer cost-of-living pressures. In response, the company has been strategically reducing its pub portfolio, having opened two new locations while selling or surrendering leases on 26 venues in the year leading up to July. Additionally, 10 trading pubs are either on the market or under offer. Martin is known for his outspoken views, often sharing political opinions alongside the company's stock market updates, including his support for Brexit and criticism of COVID-19 lockdown measures.