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Regent breaks bank rules and puts results on hold

14 September 2004 by
Regent breaks bank rules and puts results on hold

Regent Inns, operator of the Walkabout and Jongleurs chains, today failed to release its annual results as planned, after revealing that it has breached rules set out in its bank loans.

The news follows the abrupt resignations last week of the company's chief executive and finance director.

Regent said in a statement: "It became apparent yesterday afternoon that the treatment of out-of-the-money interest-rate swaps in the historic calculation of the interest cover covenant in Regent's banking facilities has not been strictly in accordance with the procedure set out in the loan facility documentation."

It is now discussing with its banks how to resolve the matter and said it was delaying its annual results for the year to 3 July until this had been sorted out.

Regent added that like-for-like sales in the first 10 weeks of the current financial year were 1% up on last year.

This followed a 5.4% drop in like-for-like sales during the year to 3 July.

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