Pub giant JD Wetherspoon says its investment in new pubs and refurbishments will mean its debt will be higher than expected this financial year.
The group said net debt was likely to be between £780m and £820m, "slightly higher than previously anticipated".
Over this year it has spent £80m on new pubs and extensions, as well as £57m buying pubs that it was renting. In total it expects to spend another £28m buying freeholds.
For its second quarter, ending January 19, Wetherspoon reported a 4.7% rise in like-for-like sales.
Chairman Tim Martin said: "We continue to anticipate a trading outcome for this financial year in line with our previous expectations."
Meanwhile, Wetherspoon has announced a promotion where the price of 10 drinks will be cut to mark Brexit. Those drinks included in the "Let's Stay Friends" promotion include ones from Ireland, Germany, France and Poland.
Mr Martin is one of the business world's most high-profile supporters of Brexit. Today he accused business groups including the CBI of "doubling down on 'project fear' stories".
He said the "elimination of (EU) tariffs will obviously reduce prices."
And he added: "It is high time these organisations took a wise-up pill and supported the democratic decisions of the º£½ÇÊÓƵ."
