JD Wetherspoon's Tim Martin slams EU but company profits rise by 28%

JD Wetherspoon Ltd chairman Tim Martin has hit out at the European Union over its handling of Brexit.

Martin, who campaigned vociferously for the United Kingdom to leave the bloc in 2016, says companies will favour suppliers outside of the EU if its stands firm with its tough stance on a trade deal.

He labelled EU negotiators as 'oligarchs' and said he would support the use of World Trade Organization rules - the inevitable outcome if a new agreement with the UK isn't achieved.

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"As a result of their current posturing and threats, EU negotiators are inevitably encouraging importers like Wetherspoon to look elsewhere for supplies, " said Martin. "It’s difficult to negotiate with the unelected oligarchs who are in charge."

Martin was speaking after the British pub operator released some promising financial figures that showed a 28% profits increase across the company.

Profits exceeded £100m for the first time, with share prices surging as high as 10% following the release of the news.