Licensing regime costs and increased competion dents Regent Inns profits

26 September 2006
Licensing regime costs and increased competion dents Regent Inns profits

The cost of implementing the new licensing laws and increased competition on the high-street in the late-night market has dragged down full-year profits at Regent Inns.

Conditions imposed on the bar operator by various councils, such as added door security and the introduction of plastic glasses, reduced pre-tax profit in the year to 1 July to £5m (2005: £6.5m).

Despite a strong performance from its Walkabout Australian-theme bars during the summer's World Cup competition, sales also fell and were down 2.8% at £127.6m (2005: £131.3m).

Regent is now pinning future hopes on Old Orleans, which it acquired recently from owner Punch Taverns to give the business a food-led offer.

Regent's executive chairman Bob Ivell said: "Our acquisition of Old Orleans represents a significant strategic opportunity, providing us a terrific opportunity to rejuvenate the brand and placing us firmly in the fast-growing casual dining sector."

On 31 July, Regent announced that David Turner, operations director, would be">Regent Inns loses senior director ‘>stepping down from the board on 1 November and leaving the company.

He has been replaced by Russell Scott who joined Regent as managing director, operations on 1 September, taking up a board position.

Regent Inns appoints Russell Scott to the board >>

Punch sells Old Orleans chain to Regent Inns for £26m >>

By Chris Druce

E-mail your comments to Chris Druce here.

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