Tim Martin, the outspoken chairman of JD Wetherspoon, on Friday said he will take a 50% salary cut as the pubs giant struggles with weaker trade.
Martin told the Evening Standard his basic salary will be reduced, joining a number of bosses taking cuts through the virus crisis. He had a £324000 annual salary, according to firm's most recent annual report.
He added that he plans to keep sites open even though the government has advised Brits to avoid pubs.
JD Wetherspoon saw comparable sales drop 4.5% in the week to March 15 and said full-year profits will be below expectations.
Martin said: "It is obviously very difficult to predict, in these circumstances, how events will unfold in future weeks and months, but we now anticipate profits being below market expectations, so long as the current health scare continues. As a result of this uncertainty, it is impossible to provide realistic guidance on our performance in the remainder of the financial year.”
Total revenue in the six months to January 26 rose 4.9% to £933 million. Comparable sales were up 5%.
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