Newspaper article The Journal (Newcastle, England)

Tough Time as Bar Profits Go Walkabout

Newspaper article The Journal (Newcastle, England)

Tough Time as Bar Profits Go Walkabout

Article excerpt

Bars group Regent Inns warned of profits disappointment after trading weakened at its Walkabout and Jongleurs estate.

The company has also been affected by a slower than expected recovery at its Old Orleans business, which it acquired last year.

While Regent said the medium term outlook remained positive, profits for the year to the end of June will be below current market expectations.

Regent said its entertainment bars ( Walkabout and Jongleurs comedy clubs ( achieved a like-for-like sales rise of 2.6% in the 17 weeks to March 31.

But sales since the start of April have been flat on a year earlier, which Regent blamed on a challenging high street trading environment.

Earlier this week, Harvester owner Mitchells & Butlers said recent interest rate rises were having an impact on its mid-market pub restaurants.

Regent warned that figures for June were expected to be lower than last year due to comparisons with exceptionally strong trading in the 2006 World Cup. …

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