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Interim Management Statement

14th Nov 2008 07:30

RNS Number : 1552I

Regent Inns PLC

14 November 2008

REGENT INNS PLC

INTERIM MANAGEMENT STATEMENT

Regent Inns plc ("the Group") announces its interim management statement for the period from 29 June 2008 to date, as required by the UK Listing Authority's Disclosure and Transparency Rules.

Trading in the first 15 weeks of the reporting period was commented on in the Chairman's statement accompanying the Group's financial results for the 52 weeks ended 28 June 2008, under 'current trading and prospects', as reported on 16 October 2008.

Key points relating to the 15 weeks trading period to 12 October 2008:

like-for-like sales down 13% on last year

the comparable period included some strong trading during the Rugby World Cup

substantial cost savings have been implemented including the major restructure of head office that took place in July 2008. Capital expenditure during the current financial year will be no more than £5m.

our lending banks have been very supportive and our banking facilities (which do not expire until September 2010) have recently been revised in order to ensure they are appropriate for our current circumstances. As a result of these revisions, total facilities currently available to the Group are £96.5m and the cost of borrowing has increased substantially (although the recent reductions in base rate will help to mitigate this increase).

Subsequent to 12 October 2008, like-for-like sales trends are unchanged.

The Group expects to provide a further trading update on 17 December 2008, at its Annual General Meeting.

Enquiries:

Regent Inns plc 020 8327 2540

Jim Glover, Chairman

John Leslie, Chief Executive Officer

Merlin 020 7653 6620

Paul Downes 07900 244 888

Anja Kharlamova 07887 884 788

This information is provided by RNS

The company news service from the London Stock Exchange

END

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