Results finally published

Pre-tax profits at troubled Jongleurs owners Regent Inns fell 15 per cent to £12.7million in the last year, according to its financial results released today.

The results had expected last month, but the company surprised the City by failing to declare them – saying there had been irregularities in interest calculations.

Today’s figures reveal that sales at its venues, which also includes Bar Risa and Australian theme bars Walkabout, fell by more than five per cent. However Jongleurs figures were said to be 'robust.

The company's net loss was £7.6million, compared with a profit of £2.3million a year earlier.

Shareholders will not be paid dividends until the company reaches an agreement with the banks over its loans.

But the report does contain some good news, with sales in the 15 weeks since the end of its financial year in July rising slightly.

Regent also announced the appointment of two former Scottish & Newcastle managers as executive  chairman and chief financial officer to help turn around its struggling venues. Three senior executives recently left the board.

Peter Savage, who is standing down as chairman, said the company would concentrate on reducing debt rather than expanding.

He said: "The banks have confirmed that they are very supportive of the company in its current situation, and have agreed to waive temporarily the default while they consider the company's financial position.”

Published: 26 Oct 2004