Thursday, September 19, 2024

Sir Tim Martin nets £10m thanks to share sale – South West

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Wetherspoon boss Sir Tim Martin added £10m  to his personal fortune after selling of shares in the company he founded.

The Devon based entrepreneur,  who is chairman of the pub chain, sold 1.361 million shares in the business, according to a London Stock Exchange announcement.

Last year it was reported that Sir Tim has amassed a fortune of around £440m.

He has sold the shares at a price of about 739p per share, securing Mr Martin £9.58m.

Wetherspoons, which has 801 pubs and hotels across the UK, saw the values of ots shares fall following the sale.

Sir Tim founded the firm in 1979 and has since grown the business to 801 pubs across the country. The company currently employs more than 43,000 people.

Since the start of the year Wetherspoons has sold or surrendered the lease on 26 pubs. It also had a further 10 trading pubs either on the market or under offer.

 

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