24th Nov 2006 11:23
Regent Inns PLC24 November 2006 24 November 2006 REGENT INNS PLC ("Regent" or "the Group") AGM Statement At the AGM held today all resolutions put to shareholders were duly passed. Atthe meeting Bob Ivell, Executive Chairman, made the following comments: "During the year, the Group successfully implemented the extensive legislativechanges required by the new licensing regime which came into force in November2005. This process took place under the intense scrutiny of the licensingauthorities and an unprecedented level of media interest. I am pleased that wehave achieved our primary objective of ensuring that our market-leading brandsemerged with their integrity and standards intact. Walkabout confirmed its position in the high street as the premier place towatch sport and to party, as evidenced by a strong performance during the FIFAWorld Cup. Our emphasis on providing a safe and friendly environment has beenrecognised through a number of industry awards, including "Most ResponsibleRetailer" as judged by BEDA and "Responsible Drinks Retailing 2006 - ManagedChain" as judged by a panel drawn from leading licensed retail tradeorganisations. Jongleurs performed steadily throughout the year, retaining its position as theleading operator of comedy clubs in the UK. We are pleased with progress on BarRisa. In addition to the three sites in which we invested during the year(Leeds, Birmingham and Reading), Leicester has been converted to a Walkabout.The site re-opened on 28 September 2006 and is trading significantly ahead ofthe prior year. We disposed of the Manchester site in September 2006 withproceeds of £1.7m. At the preliminary results and in our accounts for the year ended 1 July 2006,we reported that the inevitable "World Cup hangover" combined with a prolongedhot summer had resulted in a disappointing sales performance during July andAugust 2006. Walkabout also had challenging comparables to contend with inAugust and early September, where intense enthusiasm for the 2005 Ashes crickettest matches was not matched by sporting interest this year. We are pleased toreport that October showed greater stability. Overall, the late night marketcontinues to be highly competitive particularly since licensing deregulation atthe end of last year. Old Orleans The acquisition of Old Orleans Limited from Punch Taverns plc for £26.0m wascompleted on 17 September 2006 with a transitional support services agreement inplace for a period of up to six months. The Group has made substantial progresswith the 31 outlets in the nine weeks since completion, including: - recruitment of an operational management team with a proven track record of running the business successfully. - recruitment of a Food Development Executive with responsibility for the food offering across the whole Group. - successful implementation of new EPOS and back office systems at four pilot sites, effectively bringing them under Regent control from mid-November 2006. - progress on discussions with landlords regarding lease assignments. - identifying capital investment opportunities and menu enhancements for implementation during the first half of 2007. We are planning to fully transfer the 27 remaining Old Orleans sites bymid-January 2007, which will allow an early termination of the transitionalservices agreement and enable us to start rejuvenating the Old Orleans brand. Board changes As previously announced, Alan Jackson, Senior Non-Executive Director andChairman of the Remuneration & Appointments Committee stood down from the Boardat the end of September. I would like to thank Alan again for his valuablecontribution to the business during his two years in the role. We are activelyseeking a replacement and will make an announcement in due course. On 1 September, Russell Scott joined as Managing Director - Operations. Russellhas a substantial experience of the leisure sector and, in particular, of latenight/entertainment and food businesses. The Company will enter a close period on 5 December 2006 until the announcementof its interim results on 6 February 2007." - Ends - Enquiries: Regent Inns plc 020 8327 2540Bob Ivell, Executive ChairmanJohn Leslie, Chief Financial Officer Merlin 020 7653 6620Paul Downes 07900 244888Vanessa Maydon 07802 961 902Rebecca Penney 07795 108 178 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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