The crisis at Walkabout pubs group Regent Inns is seeing executive chairman Bob Ivell sup up and ship out.

Ivell, who has been running the company for the last four years, will leave the business in the coming months after yet another profit warning which today indicated serious problems at the group.

The business, which in addition to its struggling Australian-themed sports bars includes the Jongleurs comedy clubs and Old Orleans restaurants, said profits for the year to the end of June will be "minimal" compared with £8.3 million of earnings last year.

Sales at its 45 Walkabouts around the country have gone through the floor.

The company today refused to report how much worse trading has got from its previously reported dive in like-for-likes of more than 10% but admitted the latest falls are "substantial."

"Customers simply are not coming out on a Friday night," said a spokesman for the company.

Regent has been in talks with at least three potential buyers for the business over the last six months, including Jon Moulton's private-equity firm Alchemy Partners, but no deal has been done on terms with which lending bankers are happy in the current credit-crunch climate.

That, said the company, will now lead to a major shake-up of the management and the estate.

Ivell, a former Scottish & Newcastle executive, is leaving after a transitional period. Finance director John Leslie steps up to become chief executive, and senior non-executive director Jim Glover takes over as chairman.

The company's operating director Russell Scott is going with immediate effect.

The group also said it will quit poorly performing Walkabouts, often big units located on High Streets with big rental costs.