Loading
Caterer & Hotelkeeper Magazine

Tags:

Regent breaks bank rules and puts results on hold

Jackie Mitchell
Tuesday 14 September 2004 11:07
Article Thumbnail

Regent Inns, operator of the Walkabout and Jongleurs chains, today failed to release its annual results as planned, after revealing that it has breached rules set out in its bank loans.

The news follows the abrupt resignations last week of the company's chief executive and finance director.

Regent said in a statement: "It became apparent yesterday afternoon that the treatment of out-of-the-money interest-rate swaps in the historic calculation of the interest cover covenant in Regent's banking facilities has not been strictly in accordance with the procedure set out in the loan facility documentation."

It is now discussing with its banks how to resolve the matter and said it was delaying its annual results for the year to 3 July until this had been sorted out.

Regent added that like-for-like sales in the first 10 weeks of the current financial year were 1% up on last year.

This followed a 5.4% drop in like-for-like sales during the year to 3 July.


Buy this week's Caterer magazine for more industry news and analysis

Recommended articles

Articles from the web

 
blog comments powered by Disqus
Profiting from 2012: Case Studies

Slash VAT, Boost business - Sign the petition now!

Latest Video

housekeeping

Video: highlighting housekeepers

In this week’s issue, guest edited by Raymond Blanc, we explore the important roles of housekeepers.

Watch here

The Caterer and Hotelkeeper discussion forum

  • Dingley Dell Flying Visits @ The Victoria Dingley Dell Flying Visits @ The Victoria
  • Dingley Dell Flying Visits @ The Victoria Dingley Dell Flying Visits @ The Victoria
  • Dingley Dell Flying Visits @ The Victoria: Mark Hayward Dingley Dell Flying Visits @ The Victoria: Mark Hayward
  • Dingley Dell Flying Visits @ The Victoria Dingley Dell Flying Visits @ The Victoria
  • Dingley Dell Flying Visits @ The Victoria Dingley Dell Flying Visits @ The Victoria
  • Dingley Dell Flying Visits @ The Victoria Dingley Dell Flying Visits @ The Victoria

Best of chef

Best of Chef – now available online

Best of Chef – now available online
View it now

Videos

Marcello Tully, Kinloch Lodge Video: Michelin-starred chefs turn out in force for Wellocks' chef conference Video: Highlights from Hotelympia 2012 Video: Foraging – why all the attention?
Marcello Tully
Masterclass
Watch the video here
Wellocks'
chef conference
Watch the video here
Highlights from
Hotelympia 2012
Watch the video here
Foraging:
why all the attention?
Watch the video here