Regent Inns, the embattled operator of the Walkabout, Old Orleans and Jongleurs chains, has received an informal bid approach from Luminar, Britain's biggest nightclub company, The Times has learnt.

Luminar, which runs almost 100 venues under such brands as Oceana and Liquid, has been mulling over a possible bid for more than a year, and is believed to have renewed contact over the past few days after the collapse in Regent's shares. The group is said to be keen to acquire Regent for its Jongleurs comedy club chain, which has 16 venues across Britain in cities including Birmingham, Glasgow and Leeds, with one coming in Liverpool.

Analysts suggested that the Jongleurs business would fit neatly alongside the Jam House, Luminar's live jazz and blues music concept, which was developed in 1999 with Jools Holland, the piano-playing TV presenter.

Neither company would comment. However, industry sources claim that the mooted proposal would involve a break-up of Regent in tandem with 3D Entertainment, a separate company spun out of Luminar two years ago. Luminar still owns 49 per cent of 3D but wants to offload that stake.

The Times understands that the plan would see 3D reverse into Regent, allowing it to retain a stock market listing. Luminar would take over Jongleurs, while the Old Orleans restaurant business would be sold, leaving 3D with Regent's 50 Australian-themed Walkabout bars. Despite Regent's recent woes, the complex proposal is believed to have been greeted with little enthusiasm. Analysts said that although 3D was largely debt-free, its portfolio was a mixed bag, containing a number of difficult leases. Its best-known brand is Chicago Rock Cafe.

One analyst said that although putting 3D and Regent together would produce significant cost synergies, it would increase Regent's exposure to the high street at a time when the smoking ban, rising costs and the consumer downturn have combined to hit trading.

This cocktail of trading woes has seen the return of heavy discounting and has tipped several operators into administration, including the Laurel Pub Company, Sports Café Holdings, CanDu Entertainment and the Massive Pub Company. The list of victims will shortly be joined by the Food & Drink Group, the AIM-listed owner of the Jamies and Henry J Bean's brands. It is understood that BDO Stoy Hayward is in talks with potential buyers and is on standby to handle the administration.The Food & Drink Group's non-executive chairman is Stephen Thomas, who is also chief executive of Luminar and on the board of 3D. One of the options Food & Drink is reputed to have been been looking at is a reverse takeover of 3D.

A month ago Regent terminated talks over a takeover by Brook Leisure, one of its biggest shareholders. The news sent its shares down by almost 40 per cent and precipitated a management reshuffle that saw Bob Ivell, the executive chairman, hand the role of chief executive to John Leslie, its finance director.

Shares of Regent, which is now focusing on reducing its £80 million debt burden, fell by 0.05p to 2.75p, valuing the group at only £3.1 million, down from almost £100 million last autumn.

Times Recommends

• Lies and cover-up at MG Rover exposed by report
• High oil prices push manufacturing costs up
• Primark founder steps down as chief executive