Wetherspoon's £100m expansion budget

Martin also said he has “limited” interest in the former Bramwell Pub Company sites that have been placed on the market and predicted that most will be converted to alternative uses.

Announcing its first-quarter trading update last week, JDW said it had raised its openings target to between 40 and 50 per year after increasing its bank facilities.

The company had previously targeted around 30 site openings across the full year.

Martin told the PMA's​ sister title M&C Report​: “We’ve got about an extra £100m in this facility with the good advice not to spend it all at once!”

Regarding the former Bramwell Pub Company sites, of which 35 have been placed on the market with Christie+Co to date, Martin said: “We are not really interested in many or any.

“I think our interest in Bramwell is limited. They are mostly open around us, for reasons best known to themselves.

“Sooner or later most of them will be converted to other uses, restaurants or shops, is our view; and that’s probably the right thing. There were too many built in a narrow area.”

Ireland​

Earlier this year JDW confirmed that it was looking to secure its first site in Ireland, in Dublin.

Regarding the company’s acquisitions in the republic, Martin said: “For us it’s all talk and no action. We would hope to have a few open in 18 months.”

JDW reported a 3.7% rise in like-for-like sales in the 13 weeks to 27 October, with a slight dip in the company’s operating margin.

Operating margin was 8.3%, c.0.3% lower than the same period in the last financial year, “mainly due to increased labour, repairs, marketing and central overheads”, the company said.

Total sales grew 7.6%. The company opened eight new pub outlets in the quarter and said it has 12 more sites under development.