Regent ‘cautious but confident' after encouraging start to year
Pub operator Regent Inns said at its annual general meeting last week that it remained cautious about the future in light of the worsening economic outlook.
But it said it was confident in the continued growth of the company.
Chairman Peter Savage said trading in the first 18 weeks of the current financial year was encouraging, with overall year-on-year sales up by 19.1%. Like-for-like sales were up by 4%.
In the company's Australian-themed Walkabout pubs like-for-like sales were up by 14.1%.
Savage said the group was only marginally affected by the events of 11 September and business was returning.
He said the company had also exchanged contracts to buy Home, the nightclub in London's Leicester Square that was shut down in March following allegations of drug dealing (Caterer, 19 April, page 10).
The group intends to reopen the eight-floor club next autumn as a Walkabout and Jongleurs club.
Regent plans to open another four Walkabouts and one Bar Risa/Jongleurs in the next six weeks.