Regent Inns says it has received bid interest

Regent Inns has received what it described as a "number of preliminary approaches" with a view to buying the company.

In a statement today the group, which operates the Walkabout bar chain and Old Orleans restaurant brand, said it "notes the recent increase in its share price and reports that it has received a number of preliminary approaches in respect of potential offers for the company and is in very early stage discussions with some of these potential offerors".

It said its board "emphasises that these approaches are at an early stage and may or may not lead to an offer or offers being made for the entire issued share capital of the company".

Executive chairman Bob Ivell has consistently talked of Regent Inns being a 'consolidation play', with a view to either acquiring or being acquired by a competitor.

The group's shares have taken a hammering in the past 12 months, falling from a high of 118p in April last year to a year-low of 16.5p yesterday. Its shares were trading up 7p this morning, at 23.5p.

Regent announced a profit warning early last December, at which point its shares fell more than a third, but said at the time it looked forward to the "traditionally strong Christmas and New Year period".

However, it appears trading has not bounced back as anticipated; the group said today it was continuing to experience "more challenging market conditions against a background of a difficult consumer market generally".

Regent said any further announcements regarding an offer for the group "will be made as appropriate".

Bob Ivell was unavailable for comment.