JD Wetherspoon PLC (LSE:JDW) boss Tim Martin has quashed rumours that the budget pub chain buys nearly out-of-date beers to keep prices low.
"I've never hung outside the brewery gate waiting for it to go out of date. It would be impossible," he told the Sun reporters.
Instead, he said buying in bulk helped the company keep prices low.
"There's no real secret, we sell a lot of beer."
Deciding today would be a good day to clear up some myths surrounding the company, he revealed the true reason behind the name, dispelling rumours it was named after a teacher at school who told him he'd never make it.
Martin said: "This is a story that got twisted and a bit out of hand. I named it after Mr Wetherspoon, who was a very nice man, but couldn't control his class because at the time I couldn't control my punters."