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Wetherspoon, the pub chain, has experienced a significant surge in profits, marking an eightfold increase, as it continues its recovery from the Covid-19 pandemic.
Pre-tax profits soared from £4.6 million to £36 million in the first half of the financial year, driven by higher footfall in the group’s pubs.
Despite a reduction in the number of pubs, Wetherspoon’s overall sales have been on the rise, with bar sales witnessing a notable 12% increase over the year. The top-selling items for the chain, which operates 814 pubs, were coffee and Pepsi, while food sales and slot machine revenues also saw growth.
Although sales growth has continued into the new financial year, the pace has slowed down, leading to a 6% drop in the company’s shares. Founder Tim Martin described the financial results as “good” but not “sensational,” characterising the recovery from the pandemic as a “slow three-year slog.”
However, Wetherspoon’s profit margins for the six months remained at 6.8%, below its pre-pandemic levels of 7.1%. Derren Nathan, head of equity research at Hargreaves Lansdown, acknowledged the impressive recovery but noted that margins are still thin, with limited indications of future improvement.
Wetherspoon has streamlined its operations by reducing the number of pubs from 955 to 814 in recent years, resulting in a significant increase in sales per pub. Mr. Martin emphasized the high tax burden on pubs and restaurants in the UK compared to supermarkets, advocating for tax equality to rejuvenate High Streets and town centers.
He called for a reduction in VAT rates on restaurant and food sales, similar to those in other European countries where rates typically range from 5-10%. This, he believes, would create a more favourable business environment and support the revitalisation of local economies.
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Wetherspoon profits jump as Covid recovery continues

Sir Richard Branson has agreed to waive more than £100 million that he was entitled to receive from Nationwide Building Society for the use of the Virgin Money brand in its £2.9 billion acquisition of the bank.
Known for his strict licensing agreements granting companies the right to use the Virgin name across various industries, Branson has already secured a £250 million “exit fee” to allow Nationwide to discontinue the Virgin brand six years after the deal’s completion. However, undisclosed sources indicate that Branson could have received an additional substantial payout covering royalties for up to 40 years, potentially amounting to another £100 million, based on a complex formula outlined in a brand license agreement from 2018.
While Branson’s decision to forego the extra payment may prompt speculation about Nationwide’s negotiating tactics, he stands to benefit financially nonetheless. It is anticipated that Branson will receive approximately £700 million from Nationwide’s delisting from the stock market, including the £250 million exit fee, £60 million over four years for the continued use of the brand, and £400 million for his 14.5% stake in the bank.
Virgin Money, as it exists today, was formed in 2018 when CYBG acquired Virgin Money and adopted its brand. Branson is commended for his vigilant protection of the Virgin brand, typically through licensing agreements facilitated by Virgin Enterprises. These agreements allow companies to use the Virgin name, even if Branson’s group does not hold a controlling interest in the business.
Some observers in the financial industry speculated that the Virgin Money branding agreement might deter potential bidders for the bank. However, the specifics of this arrangement were outlined in the prospectus issued during CYBG’s acquisition of Virgin Money.
Branson’s business empire has previously tested such agreements in legal battles. For instance, a branding deal between Virgin and Brightline, a Florida-based train operator, included an exit fee of up to $200 million (£160 million).
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Branson waives £100M he stood to receive from Nationwide for use of Virgin Money brand

A report from the Resolution Foundation suggests that the number of individuals exiting the workforce due to long-term sickness has reached its highest level since the 1990s.
According to the report, the count of economically inactive adults due to ill-health surged from 2.1 million in July 2019 to a peak of 2.8 million in October 2023.
This rise marks the “longest sustained increase” since records began in 1994-1998. Although the government claims recent Budget measures could add 300,000 workers to the labor force, concerns persist regarding the growing number of individuals unable to work due to health issues.
The report highlights that both younger and older individuals comprise the majority of those out of work due to ongoing illnesses. This trend could have significant implications for individuals’ living standards and career trajectories, according to Louise Murphy, a senior economist at the Foundation.
Despite a slight decrease to 2.7 million in December 2023, the UK remains the only G7 economy that has not returned to its pre-pandemic employment rate. The upward trajectory in long-term sickness began before the pandemic, extending over 54 months, the report notes.
Data from the Department of Work and Pensions (DWP) reveals a substantial increase in claims for disability benefits, particularly for Personal Independence Payment (PIP), a non-means tested benefit for individuals with health conditions. Claims for PIP rose by 68% from 2020 to 2024, with notable increases in new claims among individuals aged 16-17.
The Foundation warns of broader implications on NHS and welfare spending if the nation’s health is not improved and economic inactivity is not reduced. It emphasizes the prevalence of mental health disorders and musculoskeletal problems among benefit claimants, citing DWP’s data on medical conditions recorded on Work Capability Assessments.
In response, a spokesperson for the DWP highlighted positive economic indicators and government initiatives aimed at boosting employment. Chancellor Jeremy Hunt announced reforms in November, including stricter fit-to-work tests and jobseeker support, with the goal of getting 200,000 more people into work. Plans also include scrapping the controversial Work Capability Assessment and investing £1.3 billion over five years to assist nearly 700,000 people with health conditions in finding employment.
Shazia Ejaz from the Recruitment and Employment Federation (REC) underscored the impact of long NHS waiting lists on workforce participation and advocated for improved infrastructure in transport, childcare, and social care to address the inactivity challenge.
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Staff on sick leave at record highs in the workforce

It was December 30th, and the honours list was announced on the news. I’d been given a tip off that I may have been included in the 2024 list, so as soon as the news was announced, I went to check the full list and see if my name was there. Nothing. I was gutted, but reasoned that I was not worthy enough to deserve such a title.
But then a strange thing happened. I started getting messages through congratulating me on my OBE. Had I told people who I didn’t remember telling? If so, this was going to be awkward. But no, more messages came through. What were they seeing that I wasn’t? I re-checked the list and realised I was looking at 2023 list. See? Not the ‘super-brain’ that some people perceive and clearly not worthy if I can’t even check the right year.
I went to the 2024 list and there, under the OBE section was my full name. An OBE for services to sustainability, ethical business growth and exports.
Suddenly I felt really uncomfortable. As more congratulations came in, far from celebrating, I sank further and further into the sofa, not knowing how to respond.
My husband asked what was wrong and I just mumbled about feeling ‘so uncomfortable’ and that people would think I’m a fraud, just like my parents. My husband, ever the practical one said, “ Well just give it back then, if it’s going to make you miserable”.
That got me thinking! Why do we, as women, not want to own our achievements? The more I talked to other women about this, the more I realised that women generally don’t want to own our achievements – that it makes us feel uncomfortable to our very core. Squirmy, even.
Women really do have the unique skills of juggling multiple tasks; looking after children, family, the house, friends, work,and it has been proven time and time again that female-led businesses are actually more profitable. So not only do we have greater “soft” skills, but we are also able to turn that into profit.
Chatting to my colleagues about the situation, I asked the men in our team outright if they ever felt imposter syndrome and it was an overwhelming yes, but they just don’t talk about their emotions in the same way. So we ALL have it (unless we are a sociopath/psychopath or just extremely confident).
This has left me questioning what sort of message we are sending to younger generations. If we can’t recognise that we are more than capable, the younger generations will be mirroring our behaviour and with the compound effect of social media, their confidence will be even more eroded.
So, I am now going to “own” my achievements.
I am a multi award winning entrepreneur (including the Everywoman Natwest Entrepreneur of the Year 2020), the most successful female entrepreneur to have gained investment from Dragons Den to date, and now the proud owner of an OBE. Phew, that wasn’t so hard!
My journey here has been that of a typical entrepreneur (yes, I fit all the classic psychometric definitions of an entrepreneur), where there have been unbelievable highs and equal lows in both my personal life and in business.
My life began with a shaky start, being the result of an extra-marital affair, and ending up in a children’s home for the first few years, before my real father agreed to marry my mother and took on my two half sisters as well. What should have been a happy ending was fraught with difficulties as the three parents (step father, mother and real father) all had their own demons and subsequent mental health difficulties. This led to a house of domestic abuse, both physical and emotional, with the added difficulties of my parents believing they were entrepreneurs. The only problem was that neither parent could focus on one thing and as a result every single business was a flop, leaving a trail of debt. The solution? To move house and start again. By the age of 18 I had lived in 10 different houses and umpteen schools, the shortest period being one school for 6 weeks.
Needless to say, my education suffered, but despite being a rebel teenager way older than my actual years, I scraped enough O Levels and A levels to get to university.
I thought I wanted to be an Accountant, but after a week of being on the Graduate Management Training Program at John Lewis, working in accounting, I realised I’d made a terrible mistake. On the grounds that I had no attention span and was unable to sit still for more than 30 seconds without talking to anyone or thing that would listen (including plants, desks, computers), sitting down all day crunching numbers could not have played less to my strengths.
Part of being a successful entrepreneur is being able to understand your own strengths and weaknesses, and whilst this can be incredibly painful and also ego crushing, it is essential in order to ensure you surround yourself with the best people to compliment your weaknesses.
The problem was, I was a slow learner and still thought I could do a “normal” office job. So I moved into treasury. That didn’t end well either.
Fortunately someone at a software company saw something in 23 year old me and put me in tech support. I got to solve problems all day and was in my element. For a few months. The familiar boredom then set in, so I moved into training tech. Much more me. For a few months. The tech company management were forward thinking though and moved me into demonstrating tech systems (ERP) and then they paid me to travel all over the place internationally, to talk to people about systems. I loved it.
Until I couldn’t do it any more due to long term health issues that I won’t bore you with. After losing everything and hitting rock bottom, I figured I had nothing further to lose so may as well try my own company, selling boxes. I found a business partner who was out looking for a box in a gift shop, and the next thing I knew, we were heading to Dragons Den, with no trading history, nothing patentable and no experience of running a business. A recipe for success surely!
Surprisingly, after being absolutely slated in the den, being branded pathetic and on a crusade, two dragons felt sorry enough for me that they decided to invest. Peter Jones and Theo Paphitis took 20% each for a £30k investment each.
That was 2008 and since then the company (Tiny Box Company) has grown from strength to strength, but with an equal number of disasters, including the first warehouse catching fire, the website being badly hacked, a flood that ruined a huge amount of stock and 3 bouts of cancer that meant I had to step away from the helm.
But we’ve survived all this and are now back on the up (hopefully, fingers crossed)
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My Imposter Self and Me

Aston Martin has made a significant move by poaching the chief executive of rival Bentley to lead the London-listed carmaker, marking the third change in leadership within four years.
Adrian Hallmark, 61, who spearheaded a successful turnaround at Bentley under Volkswagen’s ownership, will now take the helm at Aston Martin. During his tenure, Bentley experienced a remarkable ninefold increase in operating profits since the onset of the pandemic.
This appointment comes as Lawrence Stroll, executive chairman of Aston Martin, continues to navigate the company’s journey since providing a £182 million bailout in 2020. Hallmark will succeed Amedeo Felisa, 77, who previously served as chief executive of Ferrari and led Aston Martin’s product strategy team. Felisa assumed the role in 2022, replacing Tobias Moers, who was ousted by Stroll.
Hallmark is expected to assume his new position no later than October 1 and will depart Bentley by mutual agreement. Commenting on his new role, Hallmark expressed excitement about Aston Martin’s transformation, highlighting it as one of the most compelling projects in the ultra-luxury automotive sector.
Under Felisa’s leadership, Aston Martin’s shares nearly halved, plummeting by 93% from their 2018 debut price. The iconic car brand, synonymous with James Bond, faced challenges such as high leverage and substantial losses, exacerbated by production delays that hindered progress toward profitability.
Stroll praised Hallmark as one of the most esteemed leaders in the global automotive industry, expressing confidence in his ability to drive Aston Martin forward.
Despite facing production delays with the launch of the £185,000 DB12 sports car, Aston Martin reported 6,620 vehicle deliveries to dealers last year, slightly below its revised target. Pre-tax losses decreased to £240 million from £495 million, reflecting some improvement.
Aston Martin recently secured a £1.15 billion refinancing deal, although its leverage ratio at the end of last year remained above the targeted level.
Following the announcement of Hallmark’s appointment, Aston Martin’s shares experienced a modest increase, signaling some optimism among investors about the company’s future direction.
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Aston Martin poaches CEO from rival Bentley

The latest European filing data from the European Patent Office (EPO) indicates that innovation activity in the UK is thriving, with a significant increase in patent filings reported for the past year.
The EPO’s Patent Index Report 2023 highlights a robust uptick in European patent applications originating from UK-based innovators, marking another successful year for the country’s research and development sector.
UK-based innovators filed 5,918 European patent applications in 2023, representing a notable increase of 4.2% compared to the previous year. This growth contributes to the overall record-breaking year for the EPO, which received a total of 199,275 patent applications globally.
The UK’s strong performance in patent filings underscores its reputation as a global hub for research science and technological innovation. While patent applications from leading European countries experienced varied growth rates, the upturn observed in the UK surpassed that of other key nations.
The top five fields of technology generating the most European patent applications from UK-based innovators in 2023 include computer technology, medical technology, consumer goods, biotechnology, and transport. This diversification reflects the breadth of innovative activity across various sectors in the UK.
Corporate entities such as Unilever, British American Tobacco, Rolls-Royce, Linde, BAE Systems, and British Telecommunications emerged as top patent filers from the UK, demonstrating their commitment to innovation and research.
The growth in patent applications to the EPO in 2023 reflects buoyant innovation activity worldwide. Notably, countries like the Republic of Korea and the People’s Republic of China recorded significant increases in patent filings, underscoring the global nature of innovation.
Jim Ribeiro, partner and patent attorney at Withers & Rogers, emphasized the importance of innovation activity for economic prosperity. He noted the UK’s rising recognition as a dynamic destination for businesses and scientists to conduct research and development programs. Additionally, the data highlights the increasing involvement of small and medium-sized enterprises (SMEs) in patent filings, signaling their recognition of patents’ role in attracting investment and fostering vital R&D efforts.
Overall, the latest patent filing data reflects a positive trend in UK innovation, with continued growth expected to drive economic competitiveness and technological advancement in the years to come.
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UK Innovation Activity Shows Strong Growth, According to European Patent Data

Millions of women, primarily born in the 1950s, are entitled to compensation following the government’s failure to notify them adequately about changes to the state pension age, resulting in financial hardships for many, according to a significant new report.
The Parliamentary and Health Service Ombudsman (PHSO) concluded that affected women had lost opportunities to make informed financial decisions due to the lack of communication, impacting their sense of personal autonomy and financial control.
The report recommends compensation for these failings, suggesting payments ranging from £1,000 to £2,950 per affected woman, totaling between £3.5 billion and £10.5 billion. However, the Department for Work and Pensions (DWP) is not expected to agree with this recommendation, prompting the ombudsman to seek direct intervention from MPs to approve the payments.
Rebecca Hilsenrath, chief executive of the ombudsman, criticized the DWP’s indication that it would refuse to comply, calling it unacceptable. She emphasized the urgency of establishing a compensation scheme to address the affected women’s needs promptly.
In addition to compensation, the ombudsman stressed the importance of the DWP acknowledging its failings and issuing apologies to complainants and others similarly affected.
The investigation spans over five years, examining the government’s handling of state pension changes over two decades. Changes accelerated under the Conservative-Lib Dem coalition government in 2010, catching out many women who expected to retire at 60 but were not entitled to the state pension until five years later.
The report highlights maladministration by the DWP, resulting in complainants losing opportunities for informed decisions and suffering injustice. Despite the ombudsman’s findings, the DWP’s refusal to accept them has led to the report being laid before parliament for action.
Angela Madden, chairwoman of the Waspi group, expressed frustration at the DWP’s stance, emphasizing the urgency of compensating the affected women. She noted that while the recommended compensation levels fall short of previous suggestions, all parties must commit to addressing the injustice suffered by these women.
Steve Webb, former pensions minister, urged the government to heed the ombudsman’s recommendations, emphasizing the importance of parliamentary action in addressing the issue.
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Thousands of Waspi Women Owed Payouts for State Pension Age Change

Climate change is being cited as a significant factor contributing to the rise in prices of chocolate Easter eggs this year, with researchers highlighting the adverse effects on cocoa crops.
The majority of chocolate production relies on cocoa beans grown in West Africa, where a recent humid heatwave has severely impacted yields. Experts attribute this extreme weather event to human-induced climate change, making such occurrences ten times more likely.
According to Which?, a consumer advocacy group, prices of some popular Easter eggs have surged by 50% or more. The shortage of cocoa resulting from the heatwave has driven cocoa prices to nearly $8,500 (£6,700) per tonne.
Cocoa trees are highly susceptible to climate variations, with production mainly concentrated in West Africa. Severe drought conditions since February, coupled with record-breaking temperatures exceeding 40°C, have devastated cocoa crops in countries like Ivory Coast and Ghana.
A study by the World Weather Attribution group has linked these extreme temperatures to human-caused greenhouse gas emissions. Unless global efforts to reduce fossil fuel use are expedited, similar heatwaves are projected to occur in West Africa approximately every two years.
The high temperatures accelerated evaporation rates, depriving cocoa crops of essential moisture, and exacerbated by the El Niño weather phenomenon. Furthermore, intense rains in December led to the proliferation of black pod disease, further damaging cocoa crops.
The resulting surge in cocoa prices has impacted chocolate manufacturers, with many already announcing price increases. Lindt & Spruengli and Mondelez, the owner of the Cadbury brand, are among those affected by rising cocoa prices.
However, it is the smallholder farmers in West Africa who bear the brunt of these price fluctuations, as cocoa cultivation constitutes a significant portion of their income. Analysts emphasize the need for wealthy countries like the UK to provide financial and technical support to help these farmers adapt to climate change and safeguard their livelihoods. As climate change continues to worsen, additional support will be crucial to ensure a stable supply of cocoa beans into the future.
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Climate Change Impacting Easter Egg Prices

In a continuation of the ongoing recovery from recession, the private sector in Britain expanded for the fifth consecutive month, albeit at a slightly slower pace in March compared to the previous month.
Survey data from purchasing managers revealed that the output index dipped marginally to 52.9 in March from 53 in February, slightly below the consensus forecast of 53.1. However, the figure remained above the key threshold of 50, indicating growth in the private sector.
The moderation in overall private sector growth was primarily driven by a slowdown in the services sector, which reached a three-month low of 53.4, down from 53.8 in February. Notably, the services sector plays a significant role in economic growth and employment, accounting for three-quarters of economic growth and 80% of employment.
On the other hand, the manufacturing sector came close to ending its 20-month downturn, with the index rising to 49.9 from 47.5, surpassing economists’ expectations.
Chris Williamson, chief business economist at S&P Global, highlighted the encouraging signs of a more broad-based expansion, with sustained growth in the service sector and tentative signs of growth in manufacturing output. He estimated that economic output likely expanded by around 0.25% in the first quarter.
Despite the positive indications from the Purchasing Managers’ Index (PMI) figures, Williamson noted that there was no indication of a rapid easing of inflation. Stubbornly high service sector inflation, coupled with renewed inflation in manufacturing, suggests persistent underlying price pressures.
Thomas Pugh, an economist at RSM UK, described the economic recovery as fragile, anticipating a more substantial pickup in growth in the second half of the year. This optimism is based on expectations of lower inflation, declining interest rates, and tax cuts stimulating consumer spending, thereby improving business confidence and overall economic conditions.
Meanwhile, in the eurozone, the equivalent PMI reading rose to a nine-month high of 49.9, signaling a modest improvement. However, the bloc remained in contractionary territory for the 10th consecutive month, with strong services activity offset by a more severe downturn in manufacturing.
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Private Sector Expansion Moderates Slightly in March