Regent Inns looks to sell off six more Walkabout leases

Troubled bar operator Regent Inns is looking to offload six of its leasehold sites, including five Walkabout venues, in an effort to reduce its debt burden.

The six sites are the Walkabout's in London's Shaftesbury Avenue, Putney in South London, Newport and Grimsby; the Walkabout/Jongleurs in Edinburgh and the Risa/Jongleurs in Cardiff.

Asking prices for the leasehold interest in the sites range from a nil premium to £250,000. The free-of-tie leases, which date from 1998 onwards, are all for periods of 25 years and above, with Putney running to 2040.

Dogged by on and off takeover talk and a number of profits warnings, for some observers the latest effort to get away leases represents a firesale for Regent, which is said to have debts of around £80m.

The group has also sought to sell off half a dozen Old Orleans leases in recent weeks.

Meanwhile, according to people close to situation, Regent has had "some interest" in its proposed £25m sale and leaseback deal for a further seven Walkabout sites which was announced in March this year.

Anthony Jenkins, associate director at Christie + Co, which is handling the disposal, said: "Regent Inns is currently carrying out a review of its property portfolio and is looking to dispose of a number of non-core sites.

"These six high-turnover opportunities, which are part of this process, offer interested parties the chance to operate established properties in prime city and town centre locations."

Regent's shares, whose 12-month high of 76p was a year ago, are currently trading at 4.15p.