Bob Ivell, the chairman of Regent Inns, could not have guessed what lay in store when he was parachuted in by investors to turn round the company’s fortunes in October 2004. New licensing laws, the smoking ban, a consumer spending slowdown and ballooning costs have conspired to create the toughest market conditions he, or anyone else, can remember.
Regent, which has been forced to put out a series of profit warnings, has attracted interest from suitors, although its recent trading travails mean the company is unlikely to attract a premium price. Might he be tempted to lead a private equity-backed bid? “I’m not ruling anything out,” he laughs.
Mr Ivell could also end up playing a role in the Mitchells & Butlers (M&B) auction as an adviser to Lydian Capital, the property investment firm. The 55-year-old golf and tennis lover advised Lydian on its unsuccessful bid for Jurys Inns last year and was a key figure in the merger of Next Generations Clubs – another company previously backed by Lydian’s investors – with David Lloyd Leisure. He remains chairman of the enlarged leisure club business.
Mr Ivell, who is married with two grown-up daughters, entered the leisure industry in 1976 after graduating with an HND in hotel and catering adminstration from Brighton Polytechnic. He spent almost three years with GrandMet Hotels before joining Whitbread. He became managing director of Beefeater Restaurants. After almost 13 years with Whitbread he joined the rival brewer Scottish & Newcastle, rising to become chairman and managing director of S&N Retail, its pub and restaurant business. He quit four years ago after overseeing the sale of S&N Retail’s 1,400 pubs and restaurants to Spirit Group for £2.5 billion. Spirit has itself since been sold to Punch Taverns, which is now the frontrunner to acquire M&B.
Mr Ivell’s knowlege of the leisure sector in general and pub-restaurants in particular could prove invaluable if Lydian does throw its hat into the ring for M&B,although for now his efforts appear to be firmly focused on trying to turn around the fortunes of Regent Inns.