No quite; Wetherspoons have agreements in place to buy their stock very late in its life, cutting down on the lead time they have in which to sell it hence the cut prices. In doing this they get a very good, guaranteed cut price deal as it takes what would rapidly become waste off the brewery's hands. The sheer volume they buy in means that they can easily undercut the rival brewery chains, who continue to treat their pubs as assets rather than businesses. The problem that most landlords have these days is that they are tied to expensive brewery deals for their draught product; Wetherspoons, being able to offer a much better deal, offer their landlords a much brighter prospect. It's not just competition, it's extreme competition. Not that I don't welcome it, but unless it does generate extra trade (which I doubt) and pass some of that onto the remaining bars it will be of limited benefit to the town.