Jongleurs' owners set to pounce on new venues

Jongleurs owners Regent Inns is to raise an £18million war chest to enable it to buy new venues.

The company has announced a new shares issue to raise the cash, just as it reported a 6.4 per cent fall in like-for-like sales at its Jongleurs and Walkabout venues in the 15 weeks until mid-October.

Chief executive Stephen Haupt said the money would not be used to accelerate Regent's programme of openings, but give the company flexibilty to snap up venues when they become available.

Regent has tended to buy unlicensed premises and convert them, but it fears changes in the law would make this difficult. Instead, it will now be on the lookout for town-centre venues with existing late-night licences.

The company has plans for another four Jongleurs, as well as additional Stone House bars and Australian-themed Walkabout pubs, although the location of any future clubs has not been disclosed.

Published: 6 Nov 2003