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Regent Inns could quit stock market
24.04.09
Bar owner Regent Inns today said it was considering leaving the stock market as it battles to cut costs.
The firm, owner of the Walkabout bar chain, Old Orleans restaurants, and Jongleurs comedy clubs, said that a "potential delisting of the company's shares from the main market of the London Stock Exchange is under consideration".
Shares fell 0.58p to 1.75p to value it at just £2 million. The stock peaked at nearly 120p two years ago
Regent is understood to have appointed boutique corporate finance firm Delphi Partnership to advise it on its options.
If the company delists it will be able to cut the costs associated with running a public company.
At the moment it requires shareholder approval for small asset disposals.
A delisting would also allow chief executive John Leslie to sort out Regent's £80 million debts away from the public gaze.
Regent has been hit by the smoking ban, fewer people going out at night, and growing numbers of those who do their drinking at home before heading to its bars.
