Top duo call time at Regent Inns

THE two top executives at troubled Regent Inns today quit the Walkabout bars group, just two working days before the full-year results.

Chief executive Stephen Haupt and finance director Simon Rowe resigned with immediate effect. To try to plug the gaping hole in the boardroom, chairman Peter Savage will take on executive duties, but only part-time.

Regent has recently suffered a host of downgrades and is widely thought to be close to breaching its banking covenants.

Although today's statement said the year's profits would be in line with previous guidance, it gave no assurances on current trading or debt facilities.

Investec analyst James Wheatcroft said: 'If recent trading had been going well, surely these guys would not be leaving.'

Venture capitalist GI Partners has been talked of as a potential bidder for Regent. However, analysts said suitors would want to see evidence of an improvement in conditions before launching a bid.

Haupt was paid £238,000 last year while Rowe got £153,000. Both joined the board in 2000.

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