Regent back on track

Walkabout operator Regent Inns, which recently launched a bid for rivals Urbium, has reported sales up seven per cent for the year to July 2.

Turnover across Regent's on-going operations grew to £131.3m, with branded estate like-for-like sales up 2 per cent. Pre-tax profits came in at £11.3m.

Reduced debt and costs, board changes and new bank facilities leave Regent well placed for the future, its chairman Bob Ivell (pictured)​ said.

The bar group was announcing its first annual results since the appointment of a new senior management team - chairman Bob Ivell and chief financial officer John Leslie - at the end of last year.

Under the ex-Scottish & Newcastle executives Regent had undertaken a series of reviews of its operations, with its Jongleurs and Bar Risa chains the next in line for assessment.

Walkabout, which forms the largest part of Regent's branded estate and was subject to a rigourous operational review on Mr Ivell's arrival, saw like-for-like sales up 4.6 per cent in the second half, despite strong comparables with last year's Euro 2004 football tournament.

The Six Nations rugby tournament earlier this year also helped boost sales in these outlets, according to the company.

Current trading was positive, according to Mr Ivell. Like-for-like sales for the first 11 weeks were up 2 per cent across the branded estate, he said, "and we believe there'll be further improvement when we implement a number of intitiatives across the business".

With acquisitions a priority, Regent is believed to be among those considering entering the race to buy Inventive Leisure.

Regent's share were trading at 98.5p, up 5p, following the results news.