Regent finds rises in alcohol duty hard to swallow
Bar operator Regent Inns has said higher alcohol duties imposed in this year's Budget had added to sales pain at Australian-themed chain Walkabout.
The group reported a like-for-like sales decline of 10.9 per cent at its entertainment bars division for the period from December 30 to last Wednesday, with the downturn principally due to poor sales at Walkabout.
Regent said it continued to feel the impact of the smoking ban and declining consumer confidence, while significant increases in alcohol duty announced in the Chancellor's Budget had added to its problems.
Despite the sales disappointment, Regent shares rose six per cent after it said it remained in takeover talks.
US buyout specialist Sun Capital Partners is believed to be the front runner to buy Regent, which first reported takeover approaches in January.
Regent, with a market value of just under £20m, also owns the Jongleurs comedy clubs and Old Orleans restaurant business.
The full article contains 164 words and appears in n/a newspaper.
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Last Updated:
17 May 2008 8:14 AM
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Source:
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Location:
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