Jongleurs to grow?

Chain hints at expansion plans

The owners of the Jongleurs chain of comedy clubs have hinted that they are on the lookout for new venues.

Reporting a rise in full-year profits, Regent Inns said it was now confident about its prospects. This time last year, two boardroom executives quit as the company failed to announced results as expected.

But in the last 12 months turnover across the company – that also owns the Walkabout Australian pubs and the Bar Risas adjoining Jongleurs – rose by seven per cent.

It posted a full-year profit of £4.9million pounds and cut costs and debt. In 2004 it reported a loss of £9.6 million.

The company said the 17 Jongleurs clubs ‘have traded well during the year, [but] a small number of the adjoining Bar Risa feeder bars have performed less well’.

A company statement said: 'The group's financial position has been strengthened significantly from a year ago.'

‘Walkabout, Jongleurs and Bar Risa are solid brands with inherent and unique strengths and are good cash generators.  The underlying performance of the brands, particularly Walkabout, has been substantially improved.

‘Greater priority will be given to Jongleurs/Bar Risa in the coming months as we undertake a review of these businesses.

‘We anticipate that there will be some opportunities to acquire new sites during the current financial year, however we will only compete for those that are exceptional in terms of location and competitor profile. ‘

The report also promised major refurbishments at the Jongleurs venues in Southampton, Birmingham and Leeds following a  successful refit of the Cardiff site.

The company also plans to increase the capacity at Jongleurs Bristol, where it may soon face competition from a rebuilt Jesters comedy club.

Executive chairman Bob Ivell added: 'We believe that Regent now has a firm platform from which to pursue market consolidation opportunities and that such a strategy offers faster and stronger growth prospects.'

 

Published: 20 Sep 2005

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