Regent Inns seeks full listing and acquisitions

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The Independent Online
REGENT INNS, the owner of 37 pubs, plans to obtain a full listing in April for its shares, currently traded on a matched bargain basis under the Stock Exchange's 535 dealing facility, writes John Shepherd.

Dealings in the shares were suspended last week pending yesterday's announcement.

The listing ambitions were revealed alongside results for the six months to 2 January showing an increase in pre-tax profits from pounds 371,000 to pounds 604,000.

The interim dividend is 2.25p, more than the previous year's solitary final payout of 2p.

Patrick Moorsom, chairman, said: 'We now intend to expand by making further acquisitions available in today's market place. In order to achieve this the board has decided to raise new capital through a listing.'

Interest charges in the first half of 1992-93 rose from pounds 184,000 to pounds 295,000.

The company bought five more pubs during the period and the Dingwall's building in Camden Lock, London, was opened. A hotel and three pubs were sold.

Mr Moorsom said the company 'now has a portfolio of public houses which are refurbished and are generating growing profits'.

The recent acquisitions had 'further improved our purchasing terms', he added.