Company reins in expansion plans

The owners of Jongleurs have slashed their expansion plans following a slump in sales over the past year.

Takings at the comedy clubs and attached Bar Risas fell 7.4 per cent , City analysts were told last night.

And the company said it would only be opening one more Jongleurs in the next 12 months: the Edinburgh branch opening in July just in time for the Fringe festival.

At a presentation at Jongleurs in Birmingham, Regent - which also owns the chain of Australian-themed Walkabout pubs ­ announced that it would slash its budget for new openings and refits by £5million, to £30 million

Chief executive Stephen Haupt said: "Things have got tighter out there. People have been scrapping pretty hard to get their share of the market."

The fall in sales at Jongleurs and Bar Risa was attributed to an "aggressive approach to managing capacities in order to achieve greater operating margins and efficiencies" - essentially cutting back on midweek comedy nights in favour of more profitable weekend shows.

A spokesman for the company said: "Jongleurs have continued to reinforce their commanding position on the High Street. The board is particularly pleased with trading in the Bar Risa/Jongleurs at Reading and Leeds."

The day's news sent shares downwards, with the company losing seven per cent of its value.

Published: 20 Jun 2003