These Leave backers all lost money after Brexit

Joe Vesey-Byrne
Saturday 02 July 2016 12:00
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Picture: FREDERIC J. BROWN/AFP/Getty Images

J.D Wetherspoon, Hargreaves Landsdown and many other companies who backed Brexit, have since been hit by the economic shock caused by the result.

1. J.D Wetherspoons - £18 million

Wetherspoons issued Brexit beermats in the month leading up to the referendum. Now chair and founder of the pub chain Tim Martin has seen £18 million fall off the company's share price. He spent £224,000 on the Leave campaign.

Speaking to the Independent Martin said he'd get the money back:

If you try and judge fluctuations in prices day-to-day all that will happen is you'll go completely mad and need a heavy dose of Valium

2. Hargreave Lansdown - £400 million

The part owner of financial services company Hargreave Lansdown, Peter Hargreave was the top donor to the Leave campaign. Hargreave donated a total of £3.2 million. This is just 0.8% of the £400 million that was wiped from the share price of his company in the two days after the Brexit result - although since then the share price has rebounded.

In a comment given to the Independent Hargreaves compared the loss in value of the pound to the decision to withdraw from the European exchange rate mechanism in 1992.

We rose from the ashes like a phoenix, and by 1997 had a trade surplus and a balanced budget. Why should it be any different now? Suddenly Britain’s much more competitive, even if they put tariffs up against us.

3. Rupert Murdoch

The share price of Murdoch's News Corporation took a perceivable hit over the weekend after the Brexit result. A week after the vote the stock remained 5 per cent lower than the pre-Brexit price. On the Dow Jones Media Index, Fox, owned by Murdoch was down 7.7 per cent following the vote. Advertising firm Zenith also predicted that UK ad spending would fall by £70 million if the UK left the European Union. Asserting the claim that News Corp had bounced back, the corporation purchased the radio station TalkSport.

4. Lord Wolfson - £10 million

The FT reports Next CEO Lord Wolfson, who owns 1 per cent of the company, lost £10 million on paper after a post-Brexit share dip.

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