Pubs group Regent Inns yesterday gave two former Scottish & Newcastle bosses the task of leading its revival after annual profits fell 15 per cent.

Bob Ivell, who will become executive chairman, and new finance director John Leslie will be under pressure to improve sales and profitability at the Walkabout chain and to reduce debts.

The move follows what the company described as a challenging period in which pre-tax profits for the year to July 3 fell to £12.3m, three senior executives were ousted and the group was beset by accounting problems.

Investors learned yesterday that a final dividend would not be paid until Regent completed talks with its lenders over its failure to meet procedures set out in loan agreements.

Banks have agreed to temporarily waive the default while they assess the company's financial situation and Regent said it was confident of a successful outcome.