J D Wetherspoon

A N N U A L R E P O R T 1 9 9 8

J   D   W E TH E RS P O O N   P L C 0

J D Wetherspoon plc develops, owns and manages pubs,

and aims to have them in strategic positions throughout

the UK. They are excellently maintained, and the

Company’s priorities are to provide its customers with a

clean, safe and attractive environment in which to enjoy

good value, high quality food and drink served by

friendly and well trained staff.

Highlights of the year

Turnover up 35% to £188.5m

Profits before tax up 15% to £20.2m*

Earnings per share up 14% to 9.9p*

Dividend per share increased by 10%

68 new pubs opened

Capital investment of £122.0m

Creation of a further 1572 jobs

* Excluding exceptional items

J   D  W E T H E R S P O O N  P L C

Chairman’s statement

Sales £m

188.5

139.4

100.5

68.5

46.6

94

95

96

97

98

Operating Profit £m

28.4

22.9

17.0

12.2

8.8

94

95

96

97

98

Results
I am pleased to report another year of advancement
for the Company, both in terms of our financial results
and our strategy of building a major independent pub
chain. Turnover increased by 35% to £188.5 million.
Profit before tax (excluding exceptional items) was up
15% to £20.2 million and earnings per share rose by
14% to 9.9p.

Capital spending for the year amounted to £122.0 million and
net gearing at the year end was 82%. Interest was covered 3.5
times by operating profits. Operating margins before
depreciation, interest, sale and leaseback rentals and tax were
21.2% compared with 22.5% last year mainly as a result of
higher labour charges and a slight reduction in gross margin.

Free cash flow, after capital investment of £9.4 million in
existing pubs, and expenditure in respect of tax, interest and
dividends improved by 2% to £25.8 million, resulting in cash
flow per share of 13.2p before investment in new pubs and loan
repayments. Cashflow increased at a lower rate than profits as a
result of an unusally high level of investment in existing pubs,
and interest charges resulting from our expansion. Capital
expenditure on existing pubs is expected to decline from 5% of
sales in the year under review to approximately 3% of sales in
the current year.

Dividends
The Board proposes, subject to shareholders’ consent, to pay a
final dividend of 1.45p net, bringing the total dividend for the
year to 2.20p, a 10% increase on the previous year. At this level,
dividends will be covered 4.5 times compared to 4.3 times in
1997. A scrip alternative will again be offered to shareholders.

2 J   D   W E T H E R S P O ON   P L C

J   D   W E T H E R S P O O N   P L C 0

The Liberty Bounds
City of London

Overlooking The Tower of London, 
this converted bank increased our
presence in central London. 
Pictured here are Managers Berni 
and Pete Canning, together with 
Stuart, Scott, John and Nicki.

Head

run on

0 J   D   W E T H E R S PO ON   P L C

Chairman’s statement continued

Number of Pubs

252

194

146

110

87

94

95

96

97

98

Profit before Tax
and exceptional items £m

20.2

17.6

13.1

9.7

6.5

94

95

96

97

98

Further Progress
We opened 68 pubs in the year, an increase of 20 on the
previous year, bringing the total open at the year end to 252. 
20 of the new openings took place in July so their contribution
in the year to 2 August 1998 was minimal. The new openings
were widely spread throughout the country including 12 in
Greater London. Encouraging sales levels were achieved in both
larger and smaller towns and cities and in suburban areas
reflecting the popularity of Wetherspoon pubs across broad
sections of the community.

Our existing pubs achieved like-for-like sales growth of 2.2%,
reflecting strong growth in the first half of the year and a flat
performance in the second half, resulting, in particular, from 
a decline in bar sales during the five weeks of the football 
World Cup.

The Company is continuing its efforts to improve all areas of the
business. For example, a major project has been undertaken to
improve the availability and use of information technology in
the business, especially in our pubs. Considerable efforts are also
being made in the area of design to create pubs which enhance
their individual locality and architecture. In this connection, the
Company has received awards or commendations for its pub
designs in Stafford, Tunbridge Wells, Derby, Blackburn and
Bristol. We also continue to upgrade services to customers and
are, for example, introducing a new menu in October.

Finance
As well as organic cashflow of £25.8m, the Company raised £33
million in the year through sale and leaseback transactions,
giving rise to a property profit of £15 million. At the year end,
the Company had unused bank facilities of £80 million. In view
of the good reception for our sales and leasebacks, the Company
intends to consider further such transactions in the future.

The Board
As announced in our Interim Report, the Company welcomed
Jim Clarke to the Board as Finance Director during the year. Jim
was previously Finance Director of David Lloyd Leisure, part of
Whitbread Plc.

4 J   D   W E T H E R S P O ON   P L C

J   D   W E TH E R S P O O N  P L C 0

Head

run on

The Acorn
Litchfield

The Company’s expansion into 
central England continued with 
The Acorn, named after a favourite
local pub no longer in existence.
Featured here are Rachel Leach, 
Manager, and Maxine Lewis, 
Shift Manager.

0 J   D   W E T HE R S PO O N   P L C

Chairman’s statement continued

Number of Employees

5538

3966

3045

1660

1101

94

95

96

97

98

Dividend per Share (p)

2.2

2.0

1.8

1.6

1.3

94

95

96

97

98

People
Wetherspoons’ continuing strong growth reflects the
exceptionally hard work and motivation of all colleagues in the
Company and I would like to thank them sincerely, as well as
our suppliers and our customers.

Prospects
Like-for-like sales in the period since the year end decreased by
1% reflecting a slow first fortnight followed by an improving
trend. Overall Company sales are substantially ahead of last
year. The Company obtained licensing permission for 91 new
pub sites in the year compared with 56 in the previous year. 7
pubs have opened since the year end, 44 developments are now
in the course of construction and licences have been granted for
an additional 36 new pubs. The supply of new sites in our
pipeline continues to grow.

The background to the market which we currently face provides
Wetherspoons with excellent opportunities for growth. Whereas
our industry remains competitive, I am confident that our
winning formula, developed over the last 19 years, will enable
us to benefit from this environment.

As a result of our strong existing estate of pubs, our accelerated
programme of new pub developments and our dedicated team, I
look forward to another year of good progress for the Company.

Tim Martin
Chairman

15 September 1998

6 J   D   W E T HE R S PO O N   P L C

J   D   W E TH E RS P O ON   P LC 0

Head

run on

Heathrow and 
Gatwick Airports

Wetherspoon continued to build a 
significant presence at both major 
airports with the opening of a third
site at Heathrow, Wetherspoons at
Terminal 2 and also The Village Inn,
Gatwick Airport. Featured here ar e
Village Inn Managers, Lisa and 
Richard Harris.

0 J   D   W E T H E R S P O O N   P L C

Finance Director’s report

for the year ended 2 August 1998

Adjusted EPS (p)

9.9

8.7

6.7

4.9

3.6

94

95

96

97

98

Free Cash Flow £m

25.4

25.8

19.1

10.9

4.2

94

95

96

97

98

Shareholder returns
Earnings per share excluding exceptional items
increased from 8.7p in 1997 to 9.9p, a rise of 14%.
The Board has proposed a final dividend of 1.45p
giving a total for the year of 2.2p, which, following
the five for one share split effected on 6 November
1997, is equal to an increase of 10%. Dividend cover
(before exceptional items) increased from 4.3 times to
4.5 times, reflecting the Company’s wish to preserve
cash for future expansion, and this was aided in the
year by a scrip dividend take-up of 32%.

Cash flow and investments
The Company’s cash flow from operations but before financing
costs, tax and investments in existing pubs, continued to
strengthen, and at £47.1 million for the year represented 166%
of operating profit. The strength of this ratio underlined the
cash generative nature of the business. After payments to
providers of debt and equity finance, by way of interest and
dividends, of tax, by way of advanced corporation tax on
dividends and investment in the ongoing refurbishment and
enhancement of existing pubs, the Company generated free cash
flow of £25.8 million.

1997/98 was a significant year in terms of investment in new
pubs with a cash outflow of £104.5 million, an increase of 66%
on the previous year. This additional investment reflects the
higher rate of pub openings in the year, up from 48 to 68. It is
also reflected in the level of expenditure at the balance sheet
date on unopened properties which totalled £42.6 million. The
higher level of new pub investment is reflected in the proportion
of this investment funded from free cash flow which reduced
from 40% in the previous year to 25% this year. The balance of
this investment was funded through external bank financing and
sale and leaseback transactions as outlined below.

8 J   D   W E T H E R S P O O N   P L C

J   D   W E TH E RS P O ON   P LC 0

Head

run on

The Billiard Hall
West Bromwich

This development is an example of 
a more contemporary design and
demonstrates the individuality that
Wetherspoon brings to its pubs. 
Pictured here are Manager,
Ashley Lloyd and Shift Manager,
Stephen Boddie.

0 J   D   W E T HE R S PO O N   P L C

Finance Director’s report continued

Capex £m

122.0

69.1

49.8

38.7

23.2

94

95

96

97

98

Shareholders Funds £m

159.2

124.7

108.1

79.2

72.4

94

95

96

97

98

Investment in existing pubs and head office totalled £9.4 million
in the year which represented 5% of sales. This is higher than in
previous years due to an unusually high level of refurbishment
and also significant levels of investment in information
technology.

Average depreciation per pub was £52,000 compared with
average capital investment for refurbishment and improvements,
including major refurbishments, of £37,000.

Liquidity and funding
At 1 August 1997, net borrowings amounted to £88.6 million,
and rose by £42.3 million during the year to close at £130.9
million.

With the increased level of capital investment, net gearing rose
from 71% to 82%, with shareholders’ funds at year end of
£159.2 million.

Interest payable, net of interest receivable, was £8.2 million, an
increase of 53% on 1997, reflecting the use of debt in the
funding of new pubs. Interest cover was 3.5 times.

External loan facilities at the start of the financial year totalled
£125 million and a further facility of £100 million was agreed in
December 1997. This new facility is repayable over 11 years,
60% by instalments over the term and 40% by payments in the
final two years. As at 2 August 1998, £20 million of this facility
had been drawn. In the first six months of the financial year
under review, the Company agreed a sale and leaseback
transaction on one of its freehold pubs which generated £3.9
million of cash proceeds. During the second half of the year, a
further sale and leaseback transaction was completed covering 
14 freehold trading outlets and generating £29 million of cash
proceeds on a rental of £2 million per annum. This transaction
allowed the Company to recover its total cash investment in these
pubs and benefit from conditions in the property market which
makes these transactions possible at attractive yields. The use of
transactions of this nature will continue to be reviewed as part of
the overall development of the Company’s financing strategy.

10 J   D   W E T HE R S P O O N  PL C

J   D   W E TH E R S P O O N  P L C 0

Head

run on

0 J   D   W ET HE R S P O O N   P L C

Hoylake Lights
Hoylake

Designing individual pubs to suit 
their location is demonstrated in 
this Merseyside development with
emphasis on unusual architectural
features. Pictured here is pub 
Manager Richard Carvell.

Finance Director’s report continued

Dividend Cover

4.5

4.3

3.7

3.1

2.6

The Company will continue to use debt for the funding of a
proportion of the new pub development programme, and in
view of this the Board considers it appropriate to obtain fixed
interest rates on a high proportion of the Company’s
outstanding borrowings in order to limit the risk of interest rate
changes in the short term.

94

95

96

97

98

Interest Cover

4.9

4.4

4.3

3.8

3.5

94

95

96

97

98

Bank loans totalling £110 million have been fixed for a period
between 3 and 5 years.

Taxation
The effective rate of tax for the year excluding exceptional items
was 3.6%. As in previous years, no mainstream corporation tax
charge arose due to the availability of high levels of capital
allowances generated by the Company’s substantial capital
investment programme. Based on the Company’s expansion
plans, it is anticipated that the effective rate of taxation in
forthcoming years will be significantly lower than the
mainstream corporation tax rate, although this will be subject to
the level of previous years’ allowances currently under
negotiation with the Inland Revenue. At 2 August 1998,
approximately £3.2 million of unutilised advance corporation
tax, previously written off in the accounts, was available for
offset against future mainstream tax liabilities.

Accounting policies and standards
There were no pronouncements by the Accounting Standards
Board during the year that affected the Company’s reported
results.

Jim Clarke
Finance Director

15 September 1998

12 J   D   W ET HE R S P OO N   PL C

J   D   W E T H E R S P O O N  P L C 0

Head

run on

Penderel’s Oak
London WC1

Opened on the site of the old 
Meteorological Office, this pub is
popular with the local legal 
community. Featured here are
Managers Sarah and Steve Strange.

0 J   D   W E T H E R S PO O N   P L C

Directors, officers and advisers

Tim Martin
Chairman
Aged 43

John Hutson
Managing Director 
Aged 33

Jim Clarke
Finance Director
Aged 38

A law graduate of Nottingham
University, he was called to the bar
in 1980.

He founded the business in 1979 and
became Chairman in 1983.

Appointed 1996. A politics graduate
from Exeter University, he joined the
Company in 1991 and became
Operations Director in 1996. He has
previously worked with Allied 
Domecq plc.

Appointed 1998. A graduate in economics
and accountancy from Stirling University,
he qualified as a Chartered Accountant in
1984. He previously worked with David
Lloyd Leisure (a division of Whitbread
plc) and HP Bulmer Holdings plc.

Rosalyn Schofield
Legal Director and Company
Secretary
Aged 42

Appointed 1997. A law graduate from
Hull University, she joined the Company
as an assistant solicitor in 1991 and
became head of the department and
Company Secretary in 1994.

Mark Davies
Operations Director
Aged 39

Suzanne Baker
Commercial Director
Aged 35

Appointed 1997. A graduate in
management science, from Kent
University, he joined the Company in
1991 as an area manager, becoming
Director of Retail in 1996.

Appointed 1997, having joined the
Company in 1992 as Catering
Development Manager and been
appointed Director of Marketing in
1995. She has previously worked with
Grand Metropolitan plc.

14 J   D   W E T H E R S P O O N  PL C

J   D   W E TH E RS P O ON   P L C 0

Directors, officers and advisers continued

Brian Jervis
Non-Executive
Aged 63

Tony Lowrie
Non-Executive
Aged 56

John Herring
Non-Executive 
Aged 40

Appointed 1991. Member of the Audit
Committee and Chairman of the
Remuneration Committee.

Appointed 1987. Chairman of the Audit
Committee and member of the
Remuneration Committee.

Appointed 1997. Member of the Audit
Committee and member of the
Remuneration Committee.

Brian Jervis, a Chartered Secretar y, is a
consultant and a former Director of
John Govett & Co. Limited. 

Tony Lowrie is Chairman of ABN
AMBRO Asia Securities Limited.

John Herring, a Chartered Accountant,
is managing director of G de Z Capital
Limited, a venture capital organisation,
and was previously a director of
Kleinwort Benson Securities Limited.

Registered Office

Wetherspoon House
Central Park
Reeds Crescent
Watford WD1 1QH

Company Number

1709784

Registrars

Computershare Services plc

Registered Auditors

PricewaterhouseCoopers

Valuers

Christie & Co.

Solicitors

Macfarlanes

Bankers

The Royal Bank of
Scotland plc

Bank of Scotland

National Westminster Bank plc

Clydesdale Bank plc

The Bank of Nova Scotia

Financial Advisers

Dresdner Kleinwort Benson Limited

Stockbrokers

Dresdner Kleinwort Benson
Securities Limited

0 J   D   W E T H ER S P O O N   P L C

J   D   W E T H E RS P O O N   P L C 15

Public houses nationwide

River Thames

Woking

Pubs in Greater London/M25 area

At the end of 
July 1998, the
number of pubs
nationwide 
was 252

16 J   D   W E T H E R S P OO N   PL C

A list of all our pubs
can be found on pages
41 to 47.

Financial accounts

Contents

Directors’ report 18

Report of the Remuneration

Committee 22

Report of the auditors  23

Profit and loss account 24

Statement of total recognised 

gains and losses 24

Note of historical cost profits 24

Cash flow statement 25

Balance sheet 26

Notes to the financial statements 27

Financial record 39

Information for shareholders 40

J   D   W E T H E R S P O O N   P L C 17

Directors’ report

for the year ended 2 August 1998

The Directors present their report and the
audited financial statements for the year ended 2
August 1998.

Principal activities and business review 
The principal activities of the Company are the
development and management of public houses.
Details of progress are given on pages 2 to 12.

Results and dividends
The profit on ordinary activities for the year
including exceptional items after taxation
amounted to £34,407,000 an increase of 205%
on the 1997 result of £16,796,000. The Directors
recommend that a final dividend of 1.45 pence
per share be paid in cash or by way of scrip
dividend to all shareholders on the Register of
Members on 25 September 1998, bringing the
total dividend for the year to 2.2 pence per share
compared with a 1997 total of 2.0 pence per
share. The final dividend will be paid on 2
December 1998. Profit retained for the financial
year amounted to £30,086,000 and will be
transferred to reserves.

Directors
The Directors listed on pages 14 and 15 served
throughout the financial year, with the exception
of Ms Baker, Mr Davies and Ms Schofield, each
of whom were appointed on 4 September 1997
and Mr Clarke, who was appointed on 10 March
1998. Mr Hutson and Mr Lowrie will retire by
rotation and Mr Clarke, having been appointed
by the Directors since the last Annual General
Meeting, will also retire. All three Directors will
offer themselves for re-election. Details of the
terms under which the Directors who were in
office during the year serve, their remuneration,
and their interests in shares of the Company are
given in the Report of the Remuneration
Committee on page 22 and in note 3 to the
financial statements.

No Director has any material interest in any
contractual agreement subsisting during or at the
end of the year which is or may be significant to
the Company.

Insurance against the liabilities of Directors and
Officers of the Company was in place throughout
the year.

18 J   D   W E T HE R S P O O N   PL C

Company’s shareholders
Details of the Company’s shareholders, including
those beneficial interests notified to the Company
as accounting for over 3% of the issued share
capital, are given on page 40.

Directors’ responsibilities
The Directors are required by UK company law
to prepare financial statements for each financial
year which give a true and fair view of the state
of affairs of the Company as at the end of the
financial year and of the profit or loss for that
period.

In preparing the financial statements, the
Directors confirm that suitable accounting
policies have been used and applied consistently
and that reasonable and prudent judgements and
estimates have been made. They also confirm that
applicable accounting standards have been
followed and the financial statements have been
prepared on the going concern basis. The
Directors are responsible for maintaining proper
accounting records, for safeguarding the assets of
the Company, and for taking reasonable steps to
prevent and detect fraud and other irregularities.

Corporate governance
The Board supports the Code of Best Practice
issued by the Cadbury Committee (the Code) and
has complied with it throughout the past year.
The Board intends to comply in full with the
Principles of Good Governance and Code of Best
Practice prepared by the Hampel Committee and
appended to the Listing Rules (the Combined
Code) throughout the year to 1 August 1999.

Our auditors have reported to the Company that
in their opinion, the Directors’ comments on
going concern below provide the disclosures
required by paragraph 4.6 of the Code, and the
Directors’ comments on internal financial control
below appropriately reflect the Company’s
compliance with paragraph 4.5 of the Code (both
as supplemented by the related guidance). They
have reported to the Company that in their
opinion, the statements in respect of both are not
inconsistent with the information of which they
are aware from their audit work on the financial
statements, and the above statement
appropriately reflects the Company’s compliance
with the other paragraphs of the Code specified
by the London Stock Exchange for their review.
They have not carried out the additional work
necessary to, nor do they express any opinion on,

Directors’ report continued

the effectiveness of either the Company’s system
of internal financial control or its corporate
governance procedures, nor the ability of the
Company to continue in operational existence.

Going concern
In accordance with Section 4.6 of the Code and
paragraph 12.43(v) of the Listing Rules of the
London Stock Exchange, the Directors have made
enquiries into the adequacy of the Company’s
financial resources, through a review of the
Company’s budget and medium term financial
plan, which includes capital expenditure plans
and cash flow forecasts, and have satisfied
themselves that the Company will continue in
operational existence for the foreseeable future.
For this reason, they continue to adopt the going
concern basis in preparing the Company’s
financial statements.

Internal financial control
The Directors are responsible for the Company’s
system of internal financial control, which is
designed to provide reasonable but not absolute
assurance against material misstatement or loss.
The Company has an established framework of
internal financial controls, including:

n a comprehensive budgeting process, with a
detailed operating plan for twelve months and a
mid-term financial plan having been approved by
the Board. Business results are reported weekly
for key items and monthly in full, and compared
to budget. Forecasts are prepared regularly
throughout the year, for review by the Board.

n clearly defined authority limits and controls are
in place over cash handling, purchasing
commitments and capital expenditures. An
internal audit function monitors the control of
cash and stock in operating units.

n complex treasury instruments are not used.
Decisions on treasury matters are reserved for the
Board.

As required by paragraph 4.5 of the Code, the
Audit Committee has reviewed the effectiveness
of these key financial controls in operation, and
will continue to do so in the current year.

Employment policies
Only through the skill and commitment of the
Company’s employees will its objectives be met.
All staff are encouraged to make a real
commitment to the Company’s success, and to
progress to more senior roles as they themselves
develop.

A heavy emphasis is placed on training
programmes for all levels of staff, which
highlights the importance placed by the Company
on providing service to its customers.

In selecting, training and promoting staff, the
Company has to take into account the physically
demanding nature of much of its work. In this
context, all decisions are based on merit and
without reference to gender, marital status, race,
age or disability.

Internal communications seek to ensure that staff
are well informed about the Company’s progress,
through the use of regular newsletters, monthly
videos and briefings at staff meetings.

All staff participate in incentive bonus schemes
related to profitability and/or service standards,
and qualify to receive share options after six
months’ service with the Company.

Policy on payment of suppliers
The Company agrees terms and conditions with
suppliers before business takes place, and has a
policy of paying agreed invoices in accordance
with the terms of payment. On average, trade
creditors at the year end represented 50 (1997:
49) days’ purchases.

Year 2000
The Company has established a steering group to
oversee the review of all issues arising from Year
2000. The review includes a detailed assessment
of all computer systems and equipment that rely
on software or processing that may be affected by
the change of century as well as confirmation
from key suppliers, customers and other business
relationships that they have adequately addressed
this issue as it affects their dealings with the
Company. The Board are regularly updated on
progress made.

J   D   W E T H E R S P O O N   P L C 19

Directors’ report continued

A plan to repair and test all non-compliant
systems has been put in place with estimated
costs to completion of £0.8 million. New systems
development already scheduled and which will be
capitalised in line with the Company’s normal
accounting policy accounts for £0.6 million of
this spend. All other costs, primarily user testing
and the costs of system changes purely to ensure
Year 2000 compliance, will be written off to the
profit and loss account.

Total costs to date are £0.4 million and £0.4
million is expected to be spent in the next
financial year. We anticipate that nearly all key
work will have been completed by early 1999.

Introduction of the Euro
The Directors have considered the implications of
the introduction of the Euro on the activities of
the Company. At present, there are no
transactions carried out in foreign currencies and
therefore it is not anticipated that there will be
any material impact or expenditure arising from
the introduction of the Euro.

Political and charitable contributions
Contributions made by the Company during the
year for charitable purposes were £315
(1997:£382). No political contributions were
made.

Auditors
Our auditors, Coopers and Lybrand, merged with
Price Waterhouse on 1 July 1998, following
which Coopers and Lybrand resigned and the
directors appointed the new firm,
PricewaterhouseCoopers, as auditors. A
resolution to reappoint PricewaterhouseCoopers
as auditors to the Company will be proposed as
the Annual General Meeting.

Special Business at the Annual General Meeting
Enclosed with this document is a notice
convening an Annual General meeting of the
Company for 3 November 1998, at which
shareholders will be asked, as items of special
business, to approve resolutions to authorise the
Directors to allot shares, to give power to the
Directors to disapply the pre-emption
requirements of Section 89 of the Companies Act
1985, to give the Directors authority to put in
place a scrip dividend alternative, to adopt the
new 1998 Share Option Scheme and to adopt the
new 1998 Sharesave Scheme.

20 J   D   W E T HE R S P O O N  PL C

Authority to allot
The general authority previously given to the
Directors to allot “relevant securities” will expire
at the end of the Annual General meeting
convened for 3 November 1998.

Accordingly Resolution 7 as set out in the Notice
of Meeting will be proposed to authorise the
Directors (pursuant to Section 80 of the
Companies Act 1985) to allot Ordinary shares in
the capital of the Company up to a maximum
nominal amount of £460,000, being
approximately 11.7% of the nominal value the
Ordinary shares currently in issue. The authority
(unless previously varied, revoked or renewed)
will expire on the earlier of 15 months from the
date of passing of the resolution or the
conclusion of the Annual General Meeting held
to approve the Report and Accounts for the year
ending 1 August 1999.

The Directors will exercise such authority to allot
only when satisfied that it is in the interests of the
Company to do so. They have no present
intention, however, of exercising the authority,
except in connection with the issue of shares
under the Company’s share option schemes and
scrip dividend scheme.

Disapplication of pre-emption rights
The provisions of Section 89 of the Companies
Act 1985 (which, to the extent not disapplied,
confer on shareholders rights of pre-emption in
respect of the allotment of “equity securities”
which are or are to be paid up in cash other than
by way of allotment to employees under an
employees’ share scheme) apply to the authorised
but unissued Ordinary shares of the Company to
the extent that they are not disapplied pursuant
to Section 95 of the Companies Act 1985.

The existing disapplication of these statutory
pre-emption rights will expire at the end of the
Annual General Meeting convened by the Notice
of Meeting. Accordingly, Resolution 8 as set out
in the Notice of Meeting will be proposed as a
special resolution to permit Directors to allot
shares without the application of these statutory
pre-emption rights, first, in relation to rights
issues and, secondly, in relation to the issue of
Ordinary shares in the capital of the Company
for cash up to a maximum aggregate nominal
amount of £196,550 (representing approximately
5% of the nominal value of the Ordinary shares
of the Company currently in issue).

Directors’ report continued

The authority (unless previously varied, revoked
or renewed) will expire on the earlier of 15
months from the date of passing of the resolution
or the conclusion of the Annual General Meeting
held to approve the Report and Accounts for the
year ending 1 August 1999.

Scrip dividend authority
The Directors would once again like to be able to
offer shareholders (other than certain overseas
shareholders) the right to elect to receive new
Ordinary shares as an alternative to cash in
respect of all or any part of the dividend to be
declared by the Company at the Annual General
Meeting convened by the Notice of Meeting and
also in respect of any other dividends as may be
lawfully paid or declared by the Company or the
Directors on or at any time after the date of that
Annual General Meeting and prior to the date of
the Annual General Meeting to be held to
approve the Report and Accounts for the year
ending 1 August 1999.

Full details of this scrip alternative, including the
reasons why the Directors consider it to be
attractive to shareholders and advantageous to
the Company and the basis of allotment of shares
under it, are set out in the Scrip Dividend
Circular to shareholders. The existing mandate
scheme (pursuant to which shareholders may put
in place a standing mandate to receive new
Ordinary shares as an alternative to cash in
respect of any dividends for which a scrip
dividend alternative is offered) will continue to be
available and details of it are set out in the Scrip
Dividend Circular.

Resolution 9 as set out in the Notice of Meeting
is required to be passed by the Company’s
Articles of Association to permit the Directors to
offer a scrip dividend alternative for the dividend
to be declared by the Company at the
forthcoming Annual General Meeting and also in
respect of any other dividends as may be lawfully
paid or declared by the Company or the
Directors on or at any time after the date of that
Annual General Meeting and prior to the date of
the Annual General Meeting to be held to
approve the Report and Accounts for the year
ending 1 August 1999.

Share Option Schemes
This scheme which is proposed to be adopted by
Resolution 10 as set out in the Notice of
Meeting, has been designed by the Remuneration
Committee and is similar to the existing
Executive Share Option Scheme which it replaces.
However, in addition to normal options it allows
super options to be granted. In accordance with
institutional investor guidelines, any super
options will be subject to long-term stringent
performance criteria. The main features of this
new Scheme are summarised in the Appendix to
the Notice of Annual General Meeting.

1998 Sharesave Scheme
This Scheme which is proposed to be adopted by
Resolution 11 as set out in the Notice of
Meeting, is a replacement for the existing SAYE
Scheme but, in line with legislative changes, this
new Scheme now includes a facility to grant
options linked to a three year savings contract in
addition to the five and seven year savings
contract. The main features of this new Scheme
are summarised in the Appendix attached to the
Notice of Annual General Meeting.

By order of the Board

Rosalyn Schofield
Company Secretary

15 September 1998

J   D   W E T H E RS P O O N   P L C 21

Report of the 
Remuneration Committee

for the year ending 2 August 1998

The Company’s policy on the granting of share
options under its employee share schemes is to
distribute them widely across the Company’s pub
managers, shift managers and long serving bar
staff as well as its head office staff. In this way,
the Company seeks to encourage and motivate
those key employees who have direct interface
with the public.

The Company’s non-executive Directors are
appointed on an annual basis and do not
participate in the Company’s bonus and share
option schemes. Their fees are determined by the
executive Directors following consultation with
professional advisers.

The executive Directors are employed on rolling
contracts requiring the Company to give one
year’s notice of termination, whilst the Director
may give six months’ notice, save for Tim Martin
who must give one year’s notice. The non-
executive Directors hold their positions pursuant
to letters of appointment with terms of twelve
months.

Details of the emoluments of individual
Directors, and of the shareholdings of and
options granted to Directors are given in note 3
to the financial statements.

Brian Jervis
Non-executive Director

15 September 1998

The Committee comprises the three non-
executive Directors and the executive Chairman,
and is chaired by Brian Jervis.

The main provisions of the Code of Best Practice
of the Greenbury Committee have been
incorporated in or annexed to the Listing Rules
of the London Stock Exchange. The Company
complies with the Best Practice provisions
concerning remuneration committees given in
Section A annexed to the Listing Rules, save for
the fact that the executive Chairman is a member
of the Committee. The Committee believes that it
derives benefit from the Chairman’s membership
and that it conducts its affairs with this
composition without detriment to the principles
of the Best Practice provisions. The Committee
confirms that in framing its remuneration policy
for Directors, it has given full consideration to
the Best Practice provisions contained in Section
B annexed to the Listing Rules.

The remuneration and emoluments of executive
Directors and senior executives of the Company
are set by the Committee, although the executive
Chairman plays no part in the setting of his own
remuneration. The aim of the Company’s
remuneration policy is to provide the packages
required to attract, retain and motivate Directors
and senior executives of high quality. Salaries and
other benefits are determined annually after a
review of the performance of the individual, by
reference to industry and other comparisons and
consideration of reports from specialist
consultants. It is the policy of the Company to
operate bonus arrangements at all levels of staff
that are performance related, the primary
performance measures being profitability and
operating standards. The Company makes
contributions to personal pension schemes on
behalf of certain of its executive Directors and
senior executives. It does not operate a defined
benefit pensions scheme.

22 J   D   W E T H E R S P O O N   P L C

Report of the auditors

to the members of J D Wetherspoon plc

We have audited the financial statements on
pages 24 to 38.

Respective responsibilities of directors and
auditors 
As described on page 18 the Company’s Directors
are responsible for the preparation of financial
statements. It is our responsibility to form an
independent opinion, based on our audit, on
those statements and to report our opinion to
you.

Basis of opinion
We conducted our audit in accordance with
Auditing Standards issued by the Auditing
Practices Board. An audit includes examination,
on a test basis, of evidence relevant to the
amounts and disclosures in the financial
statements. It also includes an assessment of the
significant estimates and judgements made by the
Directors in the preparation of the financial
statements, and of whether the accounting
policies are appropriate to the Company’s
circumstances, consistently applied and
adequately disclosed.

We planned and performed our audit so as to
obtain all the information and explanations
which we considered necessary in order to
provide us with sufficient evidence to give
reasonable assurance that the financial statements
are free from material misstatement, whether
caused by fraud or other irregularity or error. In
forming our opinion we also evaluated the
overall adequacy of the presentation of
information in the financial statements.

Opinion
In our opinion the financial statements give a true
and fair view of the state of affairs of the
Company at 2 August 1998 and of its profit,
total recognised gains and cash flows for the year
then ended and have been properly prepared in
accordance with the Companies Act 1985.

PricewaterhouseCoopers
Chartered Accountants and Registered Auditors
London

15 September 1998

J   D   W E T HE R S P O O N  PL C 23

Profit and loss account

for the year ended 2 August 1998

Notes

Before
Exceptional
Items
1998
£000

Exceptional
Items
£000

After
Exceptional
Items
1998
£000

1997
£000

Turnover from continuing operations  

188,515

-

188,515

139,444

Operating profit
Profit on disposal of tangible fixed assetts
Net interest payable

Profit on ordinary activities before taxation
Tax on profit on ordinary activities 

Profit on ordinary activities after taxation
Dividends 

2
5
6

7
8

9

Retained profit for the year

28,367
-
(8,202)

20,165
(726)

19,439
(4,321)

15,118

-
14,968
-

14,968
-

14,968
-

14,968

28,367
14,968
(8,202)

35,133
(726)

34,407
(4,321)

30,086

22,939
0
(5,373)

17,566
(770)

16,796
(3,894)

12,902

Earnings per Ordinary 2p share

10

9.9p

7.6p

17.5p

8.7p

Statement of total recognised gains and losses

Profit for the financial year after taxation
U n realised surplus on revaluation of pro p e rt i e s

Total recognised gains relating to the year

Note of historical cost profits 

Reported profit on ordinary activities before taxation
Realisation of property revaluation gains of previous years
Difference between historical cost depreciation charge and the actual
depreciation charge of the year calculated on the revalued amount

Historical cost profit on ordinary activities before taxation

Historical cost profit for the year retained after taxation and dividends

24 J   D   W E T HE R S P O O N   PL C

Notes

20

1998
£000

34,407
2,086

36,493

1998
£000

35,133
(772)

494

34,855

29,808

1997
£000

16,796
1,673

18,469

1997
£000

17,566
0

423

17,989

13,325

Cash flow statement

for the year ended 2 August 1998

Notes

1998
£000

£000

1997 
£000 

£000

Net cash inflow from operating activities

11

47,116

47,116

38,596

38,596

Returns on investments and servicing 
of finance
Interest received
Interest paid

Net cash outflow from returns on 
investment and servicing of finance

Taxation
Advance corporation tax paid
Corporation tax paid

Capital expenditure
Purchase of tangible fixed assets
for existing pubs
Proceeds of sale of tangible fixed assets
Investment in new pubs and pub extensions

351
(9,058)

220
(5,910)

(8,707)

(8,707)

(5,690)

(5,690)

(434)
(150)

(584)

(9,377)
35,443
(104,483)

(584)

(9,377)

(656)
-

(656)

(4,223)
0
(63,010)

(67,233)

(656)

(4,223)

Net cash outflow from capital expenditures

(78,417)

Equity dividends paid

(2,626)

(2,626)

(2,598)

(2,598)

Net cash outflow before financing

(43,218)

(37,581)

Financing
Issue of ordinary shares
Advances under secured bank loans
Repayments of secured bank loans

Net cash inflow from financing

Increase/(decrease) in cash 

Free cash flow

Cash flow per Ordinary 2p share

12

13

10

10

939
48,833
(1,000)

48,772

5,554

976
30,000
(1,000)

29,976

(7,605)

25,822

13.2p

25,429

13.1p

J   D   W E T H E RS P O O N   P L C 25

Balance sheet

at 2 August 1998

Fixed assets
Tangible assets

Current assets
Investments
Stocks
Debtors
Cash

Notes

1998
£000

1997
£000

14

15

16

334,695

244,513

286
3,195
11,385
12,750

27,616

-
2,215
3,026
7,196

12,437

Creditors due within one year

17

(62,564)

(34,998)

Net current liabilities

Total assets less current liabilities

(34,948)

(22,561)

299,747

221,952

Creditors due after one year

18

(140,555)

(97,289)

159,192

124,663

3,931
62,000
22,843
70,418

3,898
59,676
22,023
39,066

159,192

124,663

19
20
20
20

20

Capital and reserves
Called up share capital
Share premium account
Revaluation reserve
Profit and loss account

Equity shareholders’ funds

The financial statements on pages 24 to 38
were approved by the Board on 15 September 1998 
and signed on its behalf by:

Tim Martin
Jim Clarke
Directors

26 J   D   W E T HE R S P O O N  PL C

Notes to the
financial statements

for the year ended 2 August 1998

1 Principal accounting policies

The financial statements have been prepared in
accordance with applicable Accounting Standards
in the United Kingdom. A summary of the more
important accounting policies, which have been
applied consistently, is set out below.

Basis of accounting
The financial statements are prepared in
accordance with the historical cost convention
modified by the revaluation of freehold and
leasehold property.

Turnover
The Company’s operations comprise one class of
business, which is pub retailing in the United
Kingdom, and turnover excludes Value Added
Tax.

Tangible fixed assets
Tangible fixed assets are stated at cost or
valuation less accumulated depreciation.

Depreciation is calculated so as to write off the
cost or valuation of a fixed asset on a straight
line basis over its estimated useful life, taking into
account expected residual values, based on prices
prevailing at the date of acquisition or
subsequent valuation, using the following rates:

Freehold buildings

50 years

Leasehold land and buildings

Renovations of properties
already trading, fixtures and
fittings, computer equipment

Lower of life of
lease or 50 years

At rates from
10%-33% pa

Depreciation on fixtures and fittings commences
when the relevant public house begins trading.

Valuation of properties
Trading properties are revalued professionally by
independent valuers on a rolling basis ensuring
that no valuation is more than three years old.
Any temporary valuation difference arising is
adjusted through the revaluation reserve. Where a
diminution in value arising in the year is regarded
as permanent, the provision is charged to the
profit and loss account, to the extent that it does
not relate to an existing revaluation surplus.

Interest and pre-opening costs
The majority of costs incurred in the preparation
of properties for use in the business, including
interest on borrowings, are capitalised.
Capitalisation of such costs ceases when the
relevant public house commences business.

Stocks
Stocks are held for resale and are stated at the
lower of invoiced cost and net realisable value.

Deferred taxation
Deferred taxation is provided on accelerated
capital allowances and other timing differences,
only to the extent that it is probable that a
liability will crystallise.

Pensions
The Company makes contributions to defined
contribution personal pensions schemes, the costs
of which are accounted for as they become due.

Operating leases
The costs of operating leases in respect of land
and buildings and other assets are charged on a
straight line basis over the lease term, except
where on acquisition of a property a reverse
premium, capital contribution or rent free period
is granted by the lessor. Where such amounts
arise, they are released to profit from the date on
which the pub opened through to the date of the
first rent review to market value, usually on the
fifth anniversary of the lease.

Where a sale and leaseback arrangement is
established at fair value and results in an
operating lease, any profit or losses is recognised
immediately.

Interest rate swaps
Interest rate swaps are used to manage exposure
to fluctuating interest rates. Income and
expenditure arising from swap transactions is
recognised over the term of the swap as if it were
interest payable or receivable.

J   D   W ET HE R S P OO N   PL C 27

Notes to the financial statements  continued

2 Analysis of continuing operations

Turnover
Cost of sales

Gross profit
Administrative expenses

Operating profit

Cost of sales includes distribution costs and all pub operating costs.

3 Directors’ remuneration and share interests

The report of the Remuneration Committee is given on page 22.

The following table sets out the emoluments of the Directors:

£000

Salary/Fees

Performance
Bonus

Benefits
in Kind

Pension 
Contributions

182
97

46

68

68

68

68

0

20
20
20

0

Executive Directors

T R Martin
J Hutson
J Clarke
(appointed 
10 March 1998)
S Baker
(appointed 
4 September 1997)
M Davies
(appointed 
4 September 1997)
R Schofield
(appointed 
4 September 1997)
R J Pennycook
(resigned
10 March 1998)
M R McQuater
(resigned
11 Nov 1996)

Non-Executive Directors

J Herring 
B R Jervis
A C Lowrie
R R Martin 
(resigned 
4 November 1996)

Total

1997

657

482

28 J   D   W E T H E RS P O O N   P L C

0
0

0

0

0

0

0

0

0
0
0

0

0

78

15
8

5

6

8

7

5

0

0
0
0

0

54

31

-
9

3

6

6

6

6

0

0
0
0

0

36

21

1998
£000

188,515
(149,317)

39,198
(10,831)

28,367

1997
£000

139,444
(106,972)

32,472
(9,533)

22,939

Total
1998

197
114

54

80

82

81

79

0

20
20
20

0

747

-

Total
1997

218
108

-

-

-

-

147

101

3
15
15

5

612

-

Notes to the financial statements  continued

3 Directors’ remuneration and share interests continued

The Executive Directors participate in a management bonus scheme designed to incentivise senior management in the achievement
of financial and personal targets. The maximum bonus attainable represents 25% of year end salary.

Where Directors have interests in the shares of the Company, they are as follows:

Ordinary shares of 2p each, held beneficially

1998

1997

T R Martin
B R Jervis
A C Lowrie - personal 

- in trust

32,611,679
32,116
5,218,850
3,393,726
157,132
8,664
34,985
75,895

32,475,385
31,910
6,492,240
3,336,290
83,350
-
-
-

J Hutson 
S Baker
M Davies
R Schofield
Directors’ share options under the Executive Share Option Scheme, which is described in more detail in note 23, comprise:

J Hutson

J Clarke
S Baker

31 July
1997
16,500
20,180
9,745
20,000
60,000
15,000
50,000
49,750
10,000
0
0
0
3,295
50,000
25,000
50,000
37,250
10,000
0
0
13,820
20,000
50,000
30,000
2,500
37,250
10,000
0
0
R Schofield 34,455
20,000
50,000
25,000
50,000
37,250
10,000
0
0

M Davies

Granted
in Year

Options
Exercised
16,500
20,180
9,745
20,000
60,000

Exercise Market Price
at Exercise
341.5
341.5
341.5
341.5
341.5

Price
35.14
49.56
51.28p
69.40p
78.4p

3,295

35.14

341.5

13,820

35.14

341.5

34,455

35.14

341.5

40,000
49,000
107,362

24,500
91

28,000
13,489

28,000
30,017

Mr R Pennycook, who left office during the year, was permitted by the Board
to exercise outstanding options following his departure. The mid-market price
on the date of exercise was 300.0p.

The interests of Directors have not changed since the financial year end.

2 August
1998
0
0
0
0
0
15,000
50,000
49,750
10,000
40,000
49,000
107,362
0
50,000
25,000
50,000
37,250
10,000
24,500
91
0
20,000
50,000
30,000
2,500
37,250
10,000
28,000
13,489
0
20,000
50,000
25,000
50,000
37,250
10,000
28,000
30,017

Exercise Exercisable
Date
-
-
-
-
-
18/04/98
17/11/98
03/01/00
10/04/00
06/10/00
20/04/01
20/04/01
-
26/10/97
18/04/98
17/11/98
03/01/00
10/04/00
06/10/00
20/04/01
-
19/04/97
26/10/97
17/11/98
12/04/99
03/01/00
10/04/00
06/10/00
20/04/01
-
19/04/97
26/10/97
18/04/98
17/11/98
03/01/00
10/04/00
06/10/00
20/04/01
Exercise
Price
92.4p

Price
-
-
-
-
-
92.4p
127.2p
244.2p
237.0p
299.0p
326.0p
326.0p
-
78.4p
92.4p
127.2p
244.2p
237.0p
299.0p
326.0p
-
69.4p
78.4p
127.2p
176.0p
244.2p
237.0p
299.0p
326.0p
-
69.4p
78.4p
92.4p
127.2p
244.2p
237.0p
299.0p
326.0p
Options
Exercised
200,000

Expiry
Date
-
-
-
-
-
18/04/05
17/11/05
03/01/07
10/04/07
06/10/07
20/04/08
20/04/08
-
26/10/04
18/04/05
17/11/05
03/01/07
10/04/07
06/10/07
20/04/08
-
19/04/04
26/10/04
17/11/05
12/04/06
03/01/07
10/04/07
06/10/07
20/04/08
-
19/04/04
26/10/04
18/04/05
17/11/05
03/01/07
10/04/07
06/10/07
20/04/08
Date

10/03/98

J   D   W E T H E R S P O O N  PL C 29

Notes to the financial statements  continued

4 Employee information

The average weekly number of persons employed during the year was as follows:

Total employees
Managerial/administration
Hourly paid staff

Full time equivalents
Managerial/administration
Hourly paid staff

Employment costs were:

Wages and salaries
Social security costs
Other pension costs

Total direct costs of employment
Less: wages and salaries capitalised

5 Profit on disposal of tangible fixed assets

Net profit on disposal of trading properties, other properties
and fixed asset investments

No tax is attributable to profits arising on property disposals
as the proceeds are used to fund the continuing expansion programme
and therefore attract rollover relief.

30 J   D   W E T HE R S P OO N   PL C

1998
Number

1,111
4,427

5,538

1997
Number

881
3,085

3,966

Fte

Fte

1,111
1,829

2,940

1998
£000

37,772
2,475
160

40,407
(411)

39,996

1998
£000

14,968

881
1,595

2,476

1997
£000

28,294
1,463
148

29,905
(263)

29,642

1997
£000

-

Notes to the financial statements  continued

6 Net interest payable

Interest payable on bank loans

Less:
Interest capitalised into properties, on which tax relief is available
Interest receivable

Charge to profit and loss account

7 Profit on ordinary activities before taxation

Profit on ordinary activities before taxation is stated after charging/(crediting):

Depreciation
Repairs and maintenance
Auditors’ remuneration for: audit 

other services

Profit on disposal of fixed assets
Rent receivable
Operating lease rentals:
- property rents
- equipment and vehicles

8 Taxation

Current tax

Corporation tax at 31% (1997: 29%)
Irrecoverable advance corporation tax

1998
£000

10,805

(2,202)
(401)

8,202

1998
£000

11,236
3,167
38
15
14,968
(388)

13,418
406

1998
£000

-
726

726

1997
£000

6,621

(994)
(254)

5,373

1997
£000

8,392
2,663
35
15
0
(254)

9,427
367

1997
£000

50
720

770

There is no charge to corporation tax on the profits of the Company by reference to the availability of unused capital allowances
brought forward, and high capital allowances generated in each year.

To date the Company has written off £3.2 million (1997: £2.5 million) advance corporation tax which will be available to offset
against future mainstream corporation tax liabilities.

Deferred tax
On a full provision basis, the maximum potential liability to deferred tax (excluding property gains) would be £15.2 million (1997:
£5.1 million) representing accelerated capital allowances of £18.4 million (1997: £7.6 million) offset by surplus ACT of £3.2 
million (1997: £2.5 million). Based on the Company’s investment plans, no liability to deferred tax would arise in the ord i n a ry 
course of the Company’s business.

No tax has been provided on profits on pro p e rty sold in the year as the gains will be rolled over into new investments. The potential 
tax liability on gains in the year is £5.4 million. No provision has been made for tax on any gains which might arise in the event of
p ro p e rties being sold at their revalued amounts, as the proceeds from any such disposal would be used to fund the continuing 
expansion programme, and would there f o re attract rollover re l i e f .

J   D   W ET HE R S P OO N   PL C 31

Notes to the financial statements  continued

9 Dividends

Interim paid of 0.75p per share (1997: 0.68p)
Final proposed of 1.45p per share (1997: 1.32p)

1998
£000

1,471
2,850

4,321

1997
£000

1,321
2,573

3,894

10 Earnings and cash flow per share

The calculation of earnings per share on the net basis is based on profits on ordinary activities after taxation for the period of
£19,439,000 (1997: £16,796,000) and on 195,888,289 Ordinary shares (1997 as adjusted for share split: 194,106,545), being the
weighted average number of Ordinary shares in issue and ranking for dividend during the period, adjusted in both the current
and prior periods to reflect the average number of shares that would have been in issue had the share split effected on 14
November 1997 occurred at the commencement of the prior period. If all outstanding share options had been exercised during
the period there would have been no material dilution in earnings per share.

The calculation of cash flow per share is based on the net cash generated by business activities and available for investment in
new pub developments and extensions to existing pubs, after funding all interest, tax and dividend payments and all other
reinvestment in pubs open at the start of the period (“free cash flow”). It is calculated before taking into account proceeds from
property disposals and inflows and outflows of financing from outside sources, and is based on the same number of shares in
issue as for the calculation of earnings per share.

11 Net cash inflow from operating activities

Operating profit
Depreciation of tangible fixed assets
Change in stocks
Change in debtors
Change in creditors

12 Analysis of changes in financing during the year

Balance at start of year
Cash inflows from financing during the year
Shares issued in lieu of dividend, non-cash

Balance at end of year

32 J   D   W E T H E RS P O O N   P L C

1998
£000

28,367
11,236
(980)
123
8,370

47,116

1997
£000

22,939
8,392
(1,048)
(1,448)
9,761

38,596

Share capital
(including
premium)
£000

63,574
939
1,418

65,931

Loans

Total 1998

Total 1997

£000

95,833
47,833
-

£000

£000

159,407
48,772
1,418

128,427
29,976
1,004

143,666

209,597

159,407

Notes to the financial statements continued

13 Analysis of net debt

Cash at bank and in hand
Debt due within one year
Debt due after one year

Net Debt

14 Tangible fixed assets

Cost or valuation
At 1 August 1997
Reclassification
Additions
Revaluations
Disposals

Freehold 
land and 
buildings

£000 

104,334
(13,104)
35,877
(2,380)
(19,728)

Short
leasehold 
land and 
buildings 
£000

99,024
23,619
29,524
4,466
(2,956)

At 2 August 1998

104,999

153,677

Depreciation
At 1 August 1997
Reclassification
Charge for the year
Disposals

At 2 August 1998

Net book value
At 2 August 1998

2,476
(1,023)
1,696
(1,002)

2,147

5,253
1,023
2,795
(583)

8,488

102,852

145,189

At 31 July 1997

101,858

93,771

1998
£000

12,750
(5,785)
(137,881)

1997
£000

7,196
(1,000)
(94,833)

Cash flow
£000

5,554
(4,785)
(43,048)

(130,916)

(88,637)

(42,279)

Equipment, 
fixtures and 
fittings

Expenditure
on unopened
properties

Total 

£000

42,401
0
21,034
0
(1,528)

61,907

11,819
0
6,745
(637)

17,927

43,980

30,582

£000

£000

18,302
(10,515)
35,600
0
(713)

264,061
0
122,035
2,086
(24,925)

42,674

363,257

0
0
0
0

0

42,674

18,302

19,548
0
11,236
(2,222)

28,562

334,695

244,513

Included in unopened properties is capitalised interest of £1,968,000 (1997: £964,000).
Included in freehold land and buildings is a long leasehold with a net book value of £3,236,000 (1997: £3,198,000).

J   D   W E T H E RS P O O N   P L C 33

Notes to the financial statements  continued

14 Tangible fixed assets continued

Reclassifications represent the transfer of development costs incurred on properties completed in the year from unopened
properties to other fixed asset captions, as appropriate and also the transfer arising from the sale and leaseback of properties.

Where the Company’s properties have been subject to revaluation, they have been valued on the basis of open market value for
existing use by Christie & Co, a specialist licensed property valuer.

Excluding the effects of revaluation, properties if stated at cost would be:

Freehold
land and
buildings

£000

101,082
(1,869)

99,213

88,588

Freehold
land and
buildings

£000

18,462
11,519
13,942
16,144

60,067
42,785

Short
leasehold
land and
buildings
£000

134,507
(7,586)

Total 

£000

235,589
(9,455)

126,921

226,134

83,334

171,922

Short
leasehold
land and
buildings
£000

1,979
22,880
16,656
74,147

115,662
29,527

Total

£000

20,441
34,399
30,598
90,291

175,729
72,312

102,852

145,189

248,041

1998
£000

286

1997
£000

-

Cost 
Depreciation

Net book value 2 August 1998

Net book value 31 July 1997

The valuations were performed during financial years as follows:

Number of
trading
properties

14
38
37
89

178
74

252

31 July 1995
31 July 1996
31 July 1997
2 August 1998

At cost 

Net book value

15 Investments

Traded on Alternative Investment Market

34 J   D   W E T HE R S P O O N  PL C

Notes to the financial statements continued

16 Debtors

Amounts falling due within one year:
Other debtors
Prepayments

17 Creditors due within one year

Bank loans (note 18)
Trade creditors
Corporation tax
Advance corporation tax
Other tax and social security
Other creditors
Dividend payable
Accruals and deferred income

18 Creditors due after one year

Bank loans repayable by instalments:
between 1 and 2 years
between 2 and 5 years
after 5 years 
Other creditors

1998
£000

8,369
3,016

11,385

1998
£000

5,785
29,775
-
935
4,295
1,522
2,850
17,402

62,564

1998
£000

10,474
37,073
90,334
2,674

140,555

1997
£000

578
2,448

3,026

1997
£000

1,000
18,449
65
643
804
2,587
2,573
8,877

34,998

1997
£000

3,825
16,593
74,415
2,456

97,289

Bank loans were secured by floating charges over the Company’s assets. There were loans amounting to £143,666,292 (1997:
£95,833,000) repayable by quarterly instalments between the years 1998 and 2012. Loans carried varying rates of interest which
averaged 8.5%. Loans totalling £110,000,000 (1997: £65,833,000) at the end of year carried fixed rates of interest or had been
matched with fixed rate swaps. The remaining loans carried a variable rate linked to Libor.

J   D   W E T H E RS P O O N   P L C 35

Notes to the financial statements continued

19 Called up share capital

Authorised:
220,000,000 Ordinary shares of 2p each (1997: 220,000,000)

Allotted and fully paid:
196,527,229 Ordinary shares of 2p each (1997: 194,906,870)

1998
£000

4,400

1997
£000

4,400

3,931

3,898

The Company effected a five for one share split on 14 November 1997. The prior year numbers above have been adjusted to
reflect the number of shares that would have applied had the share split been effective during that period.

1,172,654 Ordinary shares were issued during the year on the exercise of share options, at an average price of 76.2p per share.

447,705 Ordinary shares were allotted in connection with the offer to shareholders of a scrip dividend alternative to the 1997
final and 1998 interim dividends.

20 Capital, reserves and shareholders’ funds

Called
up share
capital
£000

3,898
33

Share
premium
account
£000

59,676
2,324

Revaluation
reserve

£000

Profit
and loss
account
£000

1998
Shareholders’
funds
£000

1997
Shareholders’
funds
£000

22,023

39,066

2,086

(772)
(494)

772
494
34,407
(4,321)

124,663
2,357
2,086

0
0
34,407
(4,321)

108,108
1,980
1,673

0
0
16,796
(3,894)

At start of year
Allotments
Revaluation
Transfer of realised profit on 
disposal of revalued assets
Transfer
Profit for the year
Dividends

At end of year

3,931

62,000

22,843

70,418

159,192

124,663

36 J   D   W E T H E R S P O O N  P L C

Notes to the financial statements  continued

21 Financial commitments

Capital expenditure contracted but not provided for

22 Lease commitments

The Company operates a number of leasehold public houses,
and occupies leasehold office accommodation. The total annual
rental under these leases, all of which have more than 5 years to
run, is as follows:

The annual rentals pertaining to other leases, primarily 
motor vehicles, are as follows: 

Expiry within 1 year 
Expiry between 1 and 2 years 
Expiry between 2 and 5 years

1998
£000

15,835

1997
£000

4,702

1998 
£000

1997 
£000

13,806

10,655

90
94
158

342

68
58
132

258

J   D   W E T H E RS P O O N   P L C 37

Notes to the financial statements  continued

23 Share options

31 July  Granted

Exercised

Lapsed

1997

2 August
1998

Exercise Exercisable
price per
from
share

Expiry
date

Executive Share Option Scheme
Date Granted
February 1992
April 1993
May 1993
April 1994
October 1994
April 1995
November 1995
April 1996
January 1997
April 1997
October 1997
April 1998

10,935
110,985
9,745
391,250
640,000
609,250
1,252,750
360,575
1,015,500
373,000
0
0

0
0
0
0
0
0
0
0
0
0
824,100
752,385

10,935
70,625
9,745
82,500
117,500
329,375
42,500
1,875
70,250
19,000
0
0

0
0
0
33,750
0
10,000

0
40,360
0
275,000
522,500
269,875
203,000 1,007,250
292,525
824,000
316,000
772,375
749,256

66,175
121,250
38,000
51,725
3,129

-
49.6p
-
69.4p
78.4p
92.4p
127.2p
176.0p
244.2p
237.0p
299.0p
326.0p

-
30/04/96
-
19/04/97
26/10/97
18/04/98
17/11/98
12/04/99
03/01/00
10/04/00
06/10/00
20/04/01

-
30/04/03
-
19/04/04
26/10/04
18/04/05
17/11/05
12/04/06
03/01/07
10/04/07
06/10/07
20/04/08

SAYE Scheme 
Date granted
February 1993
February 1993

CSOP Scheme 
Date granted
December 1996
April 1997
October 1997
April 1998

4,773,990 1,576,485

754,305

527,029 5,069,141

409,210
64,565

473,775

0
0

0

407,474
0

1,736
24,180

0
40,385

-
35.1p

-
02/02/00

-
02/08/00

407,474

25,916

40,385

1,876,125
711,875

0
0
0 1,380,700
0 1,188,850

10,875
0
0
0

391,125 1,474,125
133,875
578,000
303,200 1,077,500
128,375 1,060,475

243.0p
234.5p
299.0p
326.0p

15/12/99
12/04/00
08/10/00
20/04/01

15/12/06
12/04/07
08/10/07
20/04/08

2,588,000 2,569,550

10,875

956,575 4,190,100

At 2 August 1998 there were 1,142 members of the Executive Share Option Scheme, with average option holdings of 4,439
shares, there were 2 members of the SAYE scheme, with average holdings of 20,193 shares and there were 2,225 members of the
All Employee Company Share Option Plan (CSOP), with average holdings of 1,883 shares.

The exercise of an option under the Executive Share Option Scheme will, normally, in accordance with institutional shareholder
guidelines, be conditional on the achievement of performance conditions. Options are only exercisable on condition that the
earnings per share of the Company between the date of grant of an option and the date of exercise increases by at least the
increase in the RPI. As the CSOP Scheme is available to all staff, there are no performance conditions attached to the exercise of
options under it.

The options in issue shown above include those of the Directors shown in note 3 to the financial statements.

38 J   D   W E T H E RS P O O N   P L C

Financial record

for the five years ended 2 August 1998

Sales and results
Turnover from continuing operations

46,600

68,536

100,480

139,444

188,515

1994
£000

1995
£000

1996
£000

1997
£000

1998
£000

Operating profit from 
continuing operations
Profit on disposal of 
tangible fixed assets
Interest receivable
Interest payable

Profit on ordinary activities
before taxation
Taxation

Profit on ordinary activities
after taxation
Dividends

Retained profit for the year

Recognised gains and losses
Profit for the financial year 
after taxation
Unrealised surplus on 
revaluation of properties

Net assets employed
Fixed assets
Net current assets/(liabilities)
Non current liabilities

8,787

0
86
(2,396)

6,477
(563)

5,914
(2,234)

3,680

5,914

2,235

8,149

12,232

17,003

22,939

0
56
(2,575)

9,713
(755)

8,958
(2,927)

6,031

8,958

309

9,267

0
106
(4,004)

13,105
(564)

12,541
(3,417)

9,124

12,541

4,839

17,380

0
254
(5,627)

17,566
(770)

16,796
(3,894)

12,902

16,796

1,673

18,469

28,367

14,968
401
(8,603)

35,133
(726)

34,407
(4,321)

30,086

34,407

2,086

36,493

96,547
4,067
(28,242)

133,196
(6,103)
(47,854)

182,123
(6,938)
(67,077)

244,513
(22,561)
(97,289)

334,695
(34,948)
(140,555)

72,372

79,239

108,108

124,663

159,192

Shareholders’ funds

72,372

79,239

108,108

124,663

159,192

Ratios
Operating margin
Operating margin (excl.rentals
on sale and leaseback)
Earnings per share
(excl. exceptional items
Dividends per share

18.9%

18.9%

3.6p
1.32p

17.8%

17.8%

4.9p
1.60p

16.9%

16.9%

6.7p
1.80p

16.5%

16.5%

8.7p
2.00p

15.0%

15.3%

9.9p
2.20p

Notes to the financial record
(a) The summary of accounts has been extracted from the annual audited financial statements of the Company for the five years
shown.
(b) The earnings per share and dividend per share figures have been adjusted as appropriate to account for the 5 for 1 share split
issue on 14 November 1997 and the 1 for 4 rights issue on 31 March 1994.

J   D   W E T H E R S P O O N   P L C 39

Information for
shareholders

Ordinary shareholdings at 2 August 1998

Shares of 2p each

Up to 2,500
2,501 to 10,000
10,001 to 250,000
250,001 to 500,000
500,001 to 1,000,000
Over 1,000,000

Substantial shareholdings

Number

Shareholdings
%

Number Total shares held
%

1,753
414
289
23
25
26

2,530

69.29
16.36
11.42
0.91
0.99
1.03

1,274,062
2,083,113
15,011,225
7,904,462
16,986,971
153,267,396

0.65
1.06
7.64
4.02
8.64
77.99

100.00

196,527,229

100.00

In addition to certain of the Directors’ shareholdings set out on page 29 the Company has been notified of the following
substantial holdings in the share capital of the Company at 16 September 1998:

Putnam Companies
Janus Capital Corporation
Kaufmann Fund Inc.

Share prices

1 August 1997
Low
High
2 August 1998
16 September 1998

Percentage of
share capital %

12.3
9.5
7.0

Number of
Ordinary shares

24,257,005
18,649,348
13,750,000

£

276.0
252.5
341.5
252.5
166.0

Annual reports
Further copies of this annual report are available from the Company Secretary, at the Registered Office. Telephone requests can
be made on 01923 477777, extension 7796.

Copies can also be obtained through the Financial Times’ annual reports service. For details see the London share service pages of
the Financial Times.

If you would like to contact us, please write to J D Wetherspoon plc, Wetherspoon House, Central Park, Reeds Crescent,
Watford, Herts. WD1 1QH or telephone us on 01923 477777.

40 J   D   W E T H E R S P O O N   P L C

Public houses
directory

HOUSES IN GREATER LONDON  

The Asparagus
1-13 Falcon Road, Battersea, London SW11

The Bankers Draft
80 High Street, Eltham, London SE9

The Bankers Draft
36-38 Friern Barnet Road, Southgate, London N11

The Barking Dog
61 Station Parade, Barking, Essex

The Beaten Docket
50-56 Cricklewood Broadway, London NW2 

The Beehive
407-409 Brixton Road, London SW9

The Camden’s Head
456 Bethnal Green Road, London E2

The Coliseum
Manor Park Road, Harlseden, London NW10 

The Colley Row Inn
54-56 Collier Row, Romford, Essex 

The Coronet
338-346 Holloway Road, London N7 

The Crown & Sceptre
2a Streatham Hill, London SW2

The Drum
557-559 Lea Bridge Road, London E10

The Edmund Halley
25-27 Leegate Centre, Lee Green, London SE12 

The Elbow Room
503-505 High Road, Tottenham, London N17

The Foxley Hatch
8-9 Russell Hill Road, Purley, Surrey

The Fox on the Hill
149 Denmark Hill, London SE5

The Gate House
1 North Hill, Highgate, London N6

The George
17-21 George Street, Croydon, Surrey

The George
High Street, Wanstead, London E11

The Gilpin’s Bell
50-54 Fore Street, London N18

The Golden Grove
146-148 The Grove, Stratford, London E15

The Good Yarn
132 High Street, Uxbridge, Middlesex

The Great Spoon of Ilford
114-116 Cranbrook Road, Ilford, Essex

The Grid Inn
22 Replingham Road, Southfields, London SW18

The Half Moon
213-233 Mile End Road, London E1

The Half Moon
749 Green Lanes, Winchmore Hill, London N12

Hamilton Hall
Liverpool Street Station, London EC2

The Hart & Spool
148 Shenley Road, Borehamwood, Herts

The Harvest Moon
141-143 High Street, Orpington, Kent 

JJ Moons
Departure Lounge, Terminal 4, Heathrow Airport

JJ Moons
56a High Street, Tooting, London SW17

JJ Moons
12 Victoria Road, Ruislip Manor, Middlesex

JJ Moons
397 High Road, Wembley, Middlesex

JJ Moons
553 Kingsbury Road, London NW9

JJ Moons 
46-62 High Street, Hornchurch, Essex

JJ Moons 
19-20 The Broadwalk, Pinner Road, 
North Harrow, Middlesex 

JJ Moons
3 Shaftesbury Parade, Shaftesbury Circle, 
South Harrow, Middlesex

The King’s Ford
250-252 Chingford Mount, Chingford, London E4 

The King’s Tun
153-157 Clarence Street, Kingston-Upon-Thames 

The Lamb 
52-54 Church Street, Edmonton, London N9

The Last Post
227 High Road, Loughton, Essex 

The Liberty Bounds
15 Trinity Square, London EC3

The Lord Denman
270-272 Heathway, Dagenham, Essex 

The Lord Moon of the Mall
16-18 Whitehall, London SW1

The Man in the Moon
40-42 Chalk Farm Road, London NW1

The Man in the Moon
1 Buckingham Parade, Stanmore, Middlesex

The Masque Haunt
Old Street, London EC2

The Millers Well
419-421 Barking Road, East Ham, London E6

The Moon and Cross
104-1106 High Street, Waltham Cross, Herts

The Moon & Sixpence
250 Uxbridge Road, Hatch End, Middlesex

The Moon & Sixpence
1250-1256 Uxbridge Road, Hayes End, Middlesex

The Moon & Sixpence
185 Wardour Street, London W1

The Moon & Stars
164 High Street, Penge, London SE20

The Moon & Stars
99-103 South Street, Romford, Essex

J   D   W E T H E R S P O O N   P L C 41

Public houses directory continued

The Moon on the Hill
373-375 Station Road, Harrow, Middlesex

The Old Suffolk Punch
10-12 Grand Parade, Green Lanes, London N4

The Tollgate
26-30 Turnpike Lane, London N8 

The Moon on the Hill
5-9 Hill Road, Sutton, Sur rey 

The Outside Inn
312-314 Neasden Lane, London NW10

The Three Horseshoes
28 Heath Street, Hampstead, London NW3 

The Moon on the Square
30 The Centre, Feltham, Middlesex

The Paper Moon 
55 High Street, Dartford, Kent

The Tigers Head 
350 Bromley Road, Catford, London SE6

The Moon Under Water 
194 Balham High Street, London SW12

The Penderel’s Oak
283-288 High Holborn, London WC1

The Village Inn 
402-408 Rayners Lane, Pinner, Middlesex 

The Moon Under Water
44 High Street, Watford, Herts

The Pommeler’s Rest
196-198 Tower Bridge Road, London SE1

The Watch House 
198-204 High Street, Lewisham, London SE13 

The Moon Under Water
10-11 Broadway Parade, Coldharbour Lane, Hayes,
Middlesex

The Postal Order
33 Westow Street, Crystal Palace, London SW19

The Walnut Tree
857-861 High Street, Leytonstone, London E11  

The Moon Under Water
105-107 Charing Cross Road, London WC2 

The Moon Under Water
84-86 Staines Road, Hounslow, Middlesex 

The Moon Under Water
148 High Street, Barnet, Herts

The Moon Under Water
10 Varley Parade, Colindale, London NW9

The Moon Under Water
53-57 London Road, Twickenham, Middlesex

The Moon Under Water 
115-117 Chase Side, Enfield, Middlesex

The Moon Under Water
28 Leicester Square, London WC2

The Moon Under Water
London Road, Norbury, London SW16 

The Moon Under Water
179 Upper Street, Islington, London N1 

The New Crown
80-84 Chase Side, Southgate, London N4

The New Fairlop Oak
Fencepiece Road, Barkingside, Essex

The New Moon
25-26 Kenton Park Parade, Kenton Road, Harrow,
Middlesex

42 J   D   W E T H E R S P O O N   P L C

The Railway
202 Upper Richmond Road, Putney, London SW15

Wetherspoons 
Victoria Station, London SW1 

The Railway Bell
13 East Barnet Road, New Barnet, Herts

Wetherspoons
Airside, Terminal 2, Heathrow Airport

The Red Lion & Pineapple
281 High Street, Acton, London W3

Wetherspoons
Landside, Terminal 4, Heathrow Airport

The Regent
19 Church Street, Walton on Thames, Surrey 

Wetherspoons 
33 Aberconway Road, Morden, Surrey 

The Rochester Castle
145 High Street, Stoke Newington, London N16

Wetherspoons
552-556 London Road, North Cheam, Sur rey 

The Sarsen Stone
32 High Street, Wealdstone, Middlesex  

The White Lion of Mortimer
223 London Road, Mitcham, Sur rey

The Shakespeare’s Head
Africa House, 64-68 Kingsway, London WC2

The White Lion of Mortimer
125-127 Stroud Green Road, London N4

The Sir John Oldcastle
29-35 Farringdon Road, London EC1

The Whole Hog 
430-434 Green Lanes, Palmers Green, London N13

The Sky Lark
34-36 Southend, Croydon, Surrey

The Sovereign of the Seas
109-111 Queensway, Petts Wood, Kent

The Surrey Docker 
185 Lower Road, Rotherhithe, London SE16 

The Sylvan Moon
27 Green Lane, Northwood, Middlesex

The Tally Ho
749 High Road, North Finchley, London N12 

The Whispering Moon
25 Ross Parade, Woodcote Road, Wallington,
Surrey 

The Wibbas Down Inn
6-12 Gladstone Road, Wimbledon, London SW19

The William Jolle
53 Joel Street, Northwood Hills, Middlesex

The William Morris
2-4 King Street, Hammersmith, London W6 

The Wrong ‘Un
234-236 The Broadway, Bexleyheath, Kent

Public houses directory continued

REST OF ENGLAND

BICESTER

BRACKNELL

ASHFORD 

The County Hotel 
10 High Street, Ashford, Kent

ASHTON-IN-MAKERFIELD 

The Penny Black
58 Sheep Street, Bicester, Oxon

The Old Manor
Grenville Place, Church Road, Bracknell, Berks

BIRKENHEAD

BRAINTREE

The John Laird
The Europa Centre, Birkenhead, Mersyside

Wetherspoons
Fairfield Road, Braintree, Essex

The Sir Thomas Gerard
Gerard Street, Ashton-in-Makerfield, Lancs

BIRMINGHAM

ASHTON-UNDER-LYNE 

The Ash Tree 
Main Street Shopping Arcade, Wellington Road,
Ashton-Under-Lyne, Gt. Manchester

BANBURY

The Exchange
49-50 High Street, Banbury, Oxon

BARROW IN FURNESS

The Furness Railway 
Dalton Road, Barrow in Furness, Cumbria

BASILDON

The Moon on the Square
1-15 Market Square, Basildon, Essex 

BEDFORD

The Pilgrim’s Progress
42 Midland Road, Bedford, Beds 

BEDMINSTER

The Robert Fitz Harding
24 Cannon Street, Bedminster, Avon

BERKHAMSTED

The Crown
145 High Street, Berkhamsted, Herts

The Square Peg
115 Corporation Street, Temple Court, Birmingham

The Figure of Eight
Broad Street, Birmingham

BLACKBURN 

The Postal Order 
19 Darwen Street, Blackburn, Lancs

BOGNOR REGIS

The Hatters Inn
2-10 Queensway, Bognor Regis, W. Sussex

BOLTON

The Spinning Mule
Unit 2, Nelson Square, Bolton, Gt. Manchester

BOSCOMBE

The Sir Percy Florence Shelly
673-675 Christchurch Street, Boscombe, Dorset

BOSTON

The Moon Under Water
6 High Street, Boston, Lincs

BOURNEMOUTH 

The Moon in the Square
4-8 Exeter Road, Bournemouth, Dorset

BRISTOL

The Berkeley 
18-19 Queen’s Road, Clifton, Bristol, Avon

The Commercial Rooms
43-45 Corn Street, Bristol, Avon 

The The Staple Hill Oak
84-86 High Street, Staple Hill, Bristol, Avon

The Van Dyke
748-756 Fishponds Road, Fishponds, Bristol, Avon

BRIXHAM 

The Vigilance
4 Bolton Street, Brixham, Devon

BROMSGROVE 

The Golden Cross Hotel
20 High Street, Bromsgrove, Worcs

BURTON ON TRENT 

The Lord Burton 
154 High Street, Burton on Trent, Staffs 

BURY

The Robert Peel 
5-10 Market Place, Bury, Lancs

BURY ST EDMUNDS 

The Wolf 
88-89 St John Street, Bury St Edmunds, Suffolk

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Public houses directory continued

CANTERBURY

CRADLEY HEATH

FOLKESTONE

The Thomas Ingoldsby
5-9 Burgate, Canterbury, Kent 

CARLISLE

The Woodrow Wilson
48 Botchergate, Lower Street, Carlisle, Cumbria

CAVERSHAM

The Baron Cadogan
22-24 Prospect Street, Caversham, Berks

CHADWELL HEATH

The Eva Hart
1128 High Street, Chadwell Heath, Essex

CHELMSFORD

The Globe
65 Rainsford Road, Chelmsford, Essex

CHESHAM

The Last Post
77 The Broadway, Chesham, Bucks

CHESTER

Wetherspoons
78-92 Foregate Street, Chester, Cheshire

CLACTON 

The Moon and Starfish
1 Marine Parade East, Clacton, Essex

COLCHESTER

The Playhouse
4 St. John’s Street, Colchester, Essex

44 J   D   W E T H E R S P O O N   P L C

The Moon Under Water
164-166 High Street, Cradley Heath, 
W. Midlands

Wetherspoons
The Baptist Galleries, Rendezvous Street, Folkestone,
Kent

CRAWLEY 

GATWICK

The Jubilee Oak
6 Grand Parade, Crawley, W. Sussex

DARLINGTON

The Tanners Hall
63-64 Skinnersgate, Darlington

DERBY

The Babington Arms
11-13 Babington Lane, Derby, Derbyshire

The Standing Order 
28-32 Irongate, Derby, Derbyshire

DOVER 

The Eight Bells
19 Cannon Street, Dover, Kent

DUDLEY

The Full Moon
58-60 High Street, Dudley, W. Midlands 

EXETER

The Imperial 
New North Road, Exeter, Devon

FAVERSHAM

The Leading Light
20-22 Preston Street, Faversham, Kent

FLEET

The Prince Arthur
238 Fleet Road, Fleet, Hants

The Red Lion
Departure Lounge, North Terminal, 
Gatwick Airport

The Village Inn
South Terminal, Landside, Gatwick Airport

GLOUCESTER 

The Regal 
St Aldate Street, Kings Square, Gloucester, Glos

GRANTHAM

The Tollemache Inn
17 St Peter’s Hill, Grantham, Lincs

GRAVESEND

The Robert Pocock
181-183 Windmill Street, Gravesend, Kent

GREAT YARMOUTH 

The Troll Cart
7-9 Regent Road, Great Yarmouth, Norfolk

GRIMSBY

The Yarborough Hotel
29 Bethlehem Street, Grimsby, Lincs

HARTLEPOOL

The King John’s Tavern
1 South Road, Hartlepool

HAVANT

The Parchment Makers
1 Park Road North, Havant, Hants

Public houses directory continued

HEANOR 

LEATHERHEAD

MANCHESTER

The Red Lion
2 Derby Road, Heanor, Derbyshire

The Edmund Tilney
30-34 High Street, Leatherhead, Surrey

The Harbord Harbord
172 Long Street, Middleton, Manchester 

HEMEL HEMPSTEAD

LEEDS

The J P Joule
Northenden Road, Sale, Manchester

The Full House
128 Marlowes, Hemel Hempstead, Herts

The Stick or Twist
The Podium Site, Merrion Way, Leeds, Yorks

The Moon Under Water
68-74 Deansgate, Manchester 

HIGH WYCOMBE

LEICESTER

The Falcon
9 Cornmarket, High Wycombe, Bucks

The Last Plantagenet
107 Granby Street, Leicester, Leics

HORSHAM

LEIGH ON SEA

Wetherspoons
49 Piccadilly, Manchester 

MARKET HARBOROUGH

The Sugar Loaf
18 High Street, Market Harborough

The Lynd Cross
St John’s House, Springfield Road, Horsham, 
W. Sussex

The Elms
1060 London Road, Leigh on Sea, Essex

MATLOCK

HOVE

The Cliftonville Inn
98-101 George Street, Hove, E. Sussex

HOYLAKE

The Hoylake Lights
52-54 Market Street, Hoylake, Merseyside

HUCKNALL

The Pilgrim Oak
44-46 High Street, Hucknall, Notts

IPSWICH 

The Cricketers
Crown Street, Ipswich, Suffolk

KETTERING

LETCHWORTH

The Three Magnets
18-20 Leys Avenue, Letchworth, Herts

LICHFIELD

The Crown
Crown Square, Matlock, Derbyshire

MIDDLESBROUGH

The Isaac Wilson
61 Wilson Street, Middlesbrough, Cleveland

The Acorn Inn
Tamworth Street, Lichfield, W Midlands

MILTON KEYNES

LINCOLN

The Ritz
High Street, Lincoln, Lincs

LIVERPOOL

The Raven
72 Walton Vale, Liverpool, Merseyside

Wetherspoons 
Units 1&2, Charlotte Row, Liverpool, Merseyside 

Wetherspoons
201 Midsummer Boulevard, Bouverie Square,
Milton Keynes, Bucks

NESTON

The Lode Star
Brook Street, Neston, Merseyside

NEWCASTLE 

Wetherspoons
Unit 1, 77 The Metrocentre, Newcastle, 
Tyne & Wear

NORTHAMPTON 

The Moon on the Square
6 The Parade, Market Place, Northampton 

J   D   W ET H E R S P OO N   PL C 45

The Earl of Dalkeith
13-15 Dalkeith Street, Kettering, Northants

MAIDSTONE 

The Muggleton Inn 
8-9 High Street, Maidstone, Kent

LEAMINGTON SPA

The Benjamin Satchwell 
112-114 The Parade, Leamington Spa

Public houses directory continued

NORWICH

ROCHDALE

SOUTHEND

The Bell 
5 Orford Hill, Norwich, Norfolk

The Regal Moon
The Butts, Rochdale, Lancs

The Last Post 
Weston Road, Southend, Essex

NUNEATON

ROTHERHAM

SOUTHPORT

The Felix Holt
Stratford Street, Nuneaton, W. Midlands

The Rhinoceros
35-37 Bridgegate, Rotherham, S. Yorks

Wetherspoons 
93-97 Lord Street, Southport, Merseyside

OLDHAM

The Up Steps Inn
17-23 High Street, Oldham, Lancs

PAIGNTON

The Isaac Merritt
54-58 Torquay Road, Paignton, Devon

PETERBOROUGH

The College Arms
40 The Broadway, Peterborough, Northants

PORTSMOUTH 

Wetherspoons 
2 Guildhall Walk, Portsmouth, Hants

PRESTON 

The Grey Friar
Unit A, 144 Friargate, Preston, Lancs

READING

The Back of Beyond
104-108 Kings Road, Reading, Berks

The Hope Tap
99-105 Friar Street, Reading, Berks

The Monk’s Retreat 
163 Friar Street, Reading, Berks

REDHILL

The Sun
17-21 London Road, Redhill, Sur rey

46 J   D   W E T H E R S P O O N   P L C

RUGELEY

The Plaza
Horsefair, Rugeley, Staffs

SOUTHSHIELDS

The Woodhave
Mile End Road, Southshields

ST. ALBANS 

STAFFORD

The Cross Keys 
2 Chequer Street, St. Albans, Herts

The Picture House
Bridge Street, Stafford, W. Midlands

SCARBOROUGH

STAINES

The Lord Rosebery
85-87 Westborough, Scarborough, Yorks

The George
2-8 High Street, Staines, Middlesex

SHEFFIELD

The Bankers Draft
1-3 Market Place, Sheffield, Yorks

SKEGNESS

The Red Lion
Lumley Road, Skegness, Lincs

SLOUGH

The Moon & Spoon
86 High Street, Slough, Berks

SOUTHAMPTON

The Standing Order 
30 High Street, Southampton, Hants 

The Giddy Bridge
London Road, Southampton, Hants

STOCKTON

The Thomas Sheraton
4 Bridge Road, Stockton, Cleveland

STOURBRIDGE

Wetherspoons
Hungary Hill, Stourbridge, W. Midlands

STROUD

The Lord John
15-17 Russell Street, Stroud, Glos

SUNDERLAND

The William Jameson
30-32 Fawcett Street, Sunderland, Tyne & Wear 

SURBITON

The Cap in Hand
174 Hook Rise, Surbiton, Sur rey

Public houses directory continued

Coronation Hall
St Mark’s Hill, Surbiton, Surrey

SUTTON COLDFIELD

WESTERN SUPER MARE

EDINBURGH

The Dragon Inn 
15 Meadow Street, Weston Super Mare, Avon

The Standing Order
62-66 George Street, Edinburgh

The Bishop Vesey
63 Boldmere Road, Sutton Coldfield, W. Midlands

WIGAN

GLASGOW

The Moon Under Water
5-7a Market Place, Wigan, Lancs

The Counting House 
2 St Vincents Place, Glasgow, Strathclyde

SWINDON

The Savoy
38-40 Regent Street, Swindon, Wilts

WIGSTON

The Sir John Stirling Maxwell 
Unit 13b, Shawlands Arcade, 
104 Kilmarnock Road, Glasgow, Strathclyde

TAUNTON

The Perkin Warbeck
22-23 East Street, Taunton, Devon

TORQUAY

The William Wygstor
84 Leicester Road, Wigston, Leics

WINCHESTER

The Old Gaol House
11 Jewry Street, Winchester, Hants

The London Inn 
15-16 The Strand, Torquay, Devon

WOKING 

WALES

EBBW VALE

The Picture House
Market Street, Ebbw Vale, Gwent

Wetherspoons
51-57 Chertsey Road, Woking, Surrey 

MONMOUTH

TUNBRIDGE WELLS

The Opera House
88 Mount Pleasant Road, Tunbridge Wells, Kent

WOLVERHAMPTON

WALSALL

The Moon Under Water
53-55 Lichfield Street, Wolverhampton, 
W. Midlands 

The Imperial
Darwall Street, Walsall, W. Midlands

WORCESTER

WELLINGBOROUGH

The Red Well
16 Silver Street, Wellingborough, Northants

WEST BROMWICH

The Billiard Hall
St Michael’s Ringway, West Bromwich, 
W. Midlands

The Postal Order
18 Foregate Street, Worcester, Worcs

SCOTLAND 

ABERDEEN

The Archibald Simpson
Castle Street, Aberdeen, Aberdeenshir e

WEST OXTED

DUNDEE 

The Oxted Inn
Units 1-4, Station Road West, West Oxted, Surrey

The Counting House 
67-71 Reform Street, Dundee, Tayside

Wetherspoons
The King’s Head, Monmouth Street, Monmouth

NEWPORT

Wetherspoons
Units 10-12 Cambrian Centre, Newport, Gwent

SWANSEA

The Bank Statement
57-58 Wind Street, Swansea, Glamorgan

The Potters Wheel
86 The Kingsway, Swansea, Glamorgan

J   D   W E T H E R S P O O N   P L C 47