JD Wetherspoon founder loses £18m post-Brexit

6th July, 2016 by Kristiane Sherry

Tim Martin, the founder of pub and bar chain Wetherspoon and a Brexit supporter, has lost more than £18 million on his stake in the business since the UK voted to leave the EU.

The founder of JD Wetherspoon has lost more than £18 million since the UK's Brexit vote

The founder of JD Wetherspoon has lost more than £18 million since the UK’s Brexit vote

Market volatility in the wake of the surprise ‘leave’ vote has seen JD Wetherspoon’s share price fall from highs of £7.57 pre-Bexit to £6.68, before rebounding to around £7.

As a result, Martin, who printed 200,000 beer mats urging the UK to vote ‘leave’ in the referendum on 23 June, has lost £18.8m on his 30% stake in the business.

“The governance issues within the IMF, are, in my opinion, very serious for UK citizens,” Martin said pre-referendum.

“The government has paraded a number of financial institutions in front of the public, who have, in my view, grossly distorted our financial prospects in the event of a Brexit.

“Corporate governance at the IMF is clearly out of control and Christine Lagarde would have been obliged to resign at any normal plc or institution until the matters in question were resolved.”

While the £18m loss sounds steep, Martin’s shares are still worth around £239 million – so he is unlikely to notice the difference.

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