Regent Inns, the de-listed owner of the Walkabout, Jongleurs and Old Orleans brands, announced last night that it has gone into administration.
Up to 60 bars, restaurants and clubs employing over 1,800 people will now be bought up by newly formed company Intertain.
The firm will be managed by Regent Inns' former directors John Leslie and Mike Foster and by Mike Dowell, who joins from Pitcher & Piano.
Intertain will focus on entertainment focused bars in the UK as well a family orientated restaurant business.
Meanwhile, Punch Pub Company (Trent) Limited has acquired 12 sites, of which nine are currently trading as Old Orleans.
They will continue to operate as this brand under licence from Intertain Limited. Around 254 staff will be transferred as part of the move.
In a statement, Intertain said the acquisition of the 60 units gave the company a ‘compelling platform from which to achieve stable, profitable growth in the current environment’.
Regent Inns was delisted from the London Stock Exchange on Monday 15 June.
It reported an annual loss of £58.1m last October.
Regent Inns to delist from stock market on Monday >>
Regent Inns reports £58.1m loss >>
By Helen Gilbert
E-mail your comments to Helen Gilbert here.
If you have something to say on this story or anything else join the debate at Table Talk - Caterer's new networking forum. Go to www.caterersearch.com/tabletalk
Caterersearch.com jobs
Looking for a new job? Find your next pub job here with Caterersearch.com jobs
|
|
Newsletters
For the latest hospitality news, sign up for our e-mail newsletters. | | |