Takeover talks continue at Regent Inns
Regent Inns has confirmed that it is still in preliminary discussions with potential bidders, which “may or may not lead to an offer or offers being made for the entire share capital of the company”.
Various companies have been linked to a bid, including Brook Leisure, the British nightclub operator, US buyout specialist Sun Capital Partners, Alchemy Partners, Novus Leisure, which owns the Tiger Tiger bar chain, and Laurel Pub Company, backed by Robert Tchenguiz.
In a trading update, the group said it is continuing to face the challenges of the smoking ban, declining consumer confidence and the increase in alcohol duty announced in the Chancellor’s Budget. Like-for-like sales in the Entertainment Bars division, principally Walkabout and Jongleurs, declined by 10.9% in the period from December 30th to May 14th, with the downturn principally in Walkabout outlets.
The Restaurant business, primarily Old Orleans, “has demonstrated steadily improving sales trends…particularly in the refurbished restaurants”.
As at April 26th 2008, the net debt of Regent was £79 million, a reduction of £1.6 million since the interim results announcement on February 5th and “in line with the board’s expectations”.
back
to all of today's stories
