Regent Inns has sold seven of its Walkabout sites to Cavendish Bars to enable it to focus on prime sites within its core estate.
The troubled pub and bar operator also confirmed to BigHospitality`s sister website Morning Advertiser today that it was de-listing from the stock market to enable it to restructure in private.
Regent, also owner of the Jongleurs and Old Orleans brands, has been forced to look at ways to save its business after seeing sales fall over the last few years and said moving to a private arena provided `a more suitable environment in which to manage the company.`
Cavendish, founded by former Po Na Na chief executive Christian Arden in 2008, is operator of 27 high street bars and clubs and has been granted a licence by Regent to continue to operate the seven units under the Walkabout brand from 28 June 2009 for a period of up to three months.
Christie & Co`s associate director Anthony Jenkins who sold the sites to Cavendish said: “We were delighted to have been appointed to act for Regent Inns and continue to offer a number of further sites for sale on their behalf.”