Suitors circle troubled Regent Inns

By THIS IS MONEY
Updated: 11:47 EST, 15 January 2008

Time could finally be called at Regent Inns, the Walkabout and Old Orleans pub group long seen as a takeover target.

The company that also owns the Jongleurs comedy chain today admitted to 'a number of preliminary approaches' after the shares rose from 7p to 23½p, valuing it at £27m.

That's still a long way down from the 118p reached last April, since when Regent has had little but bad news to offer. A profits warning in December indicated that trading was poor, and things have not improved.

Regent today said that it 'continues to experience more challenging market conditions'.

The identity of the bidders is not known, but Channel Islands-based fund management group Sanne Trust today upped its stake from 9% to 15%.

Sanne Trust could be working for one of the potential buyers, which is more likely to be a finance house than a rival pub group.

Regent said the talks are at an early stage.