A new share placing has raised £141m for J D Wetherspoon, but diluted chairman Tim Martin’s stock to 28% of the business.

A total of 15,668,430 new ordinary shares in the capital of the company have been placed by Investec Bank plc, at a price of 900p per share.

J D Wetherspoon

The company’s immediate priority is to manage the business during the current lockdown period, and also starting to plan for a re-opening of pubs and hotels in late June.

In the meantime, Martin, chief executive John Hutson, and each of the non-executive directors have taken a 50% pay cut.

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