Running Regents Inn, the company behind the Australian-themed Walkabout bar chain, the Jongleurs comedy clubs and the Old Orleans restaurant chain, may sound like a fun job, but John Leslie, its new chief executive, takes over at a time of deep uncertainty.

Mr Leslie, 48, asked a spokesman to say that he felt uncomfortable being the subject of this profile at such a delicate time in the company's history. He thought that it would send the wrong message to staff, many of whom are likely to fear for their jobs after the profit warning yesterday that sent its shares down 38.46 per cent, or 2.5p, to 3.75p.

Regent Inns said that full-year profits would be “minimal” and revealed that talks over a sale of the business had been halted.

In an effort to turn things around, the company announced a board reshuffle, in which Mr Leslie was promoted from chief financial officer to chief executive, replacing Russell Scott, who departs. Mr Leslie's task will be to reduce the company's debt by selling non-core properties and, almost inevitably, cutting jobs.

Regent had been in talks over a possible sale since January, with the US buyout specialist Sun Capital Partners believed to have been the front-runner to buy the group. But it had not been possible to agree an offer, Regent said, as potenial buyers struggled to raise cash.

The group's like-for-like sales have plunged as its bars and comedy clubs have been hit by the smoking ban, falling consumer confidence and the increase in alcohol duty. Regent had already reported a like-for-like sales decline of 10.9 per cent at its entertainment bars arm for the period from December 30 to mid-May.

Mr Leslie, who joined the Regent Board in October 2004, has more than 20 years' experience in the leisure and hospitality industry.

He was previously the finance director of Scottish & Newcastle's retail division and before that was finance director of Allied Domecq International Retail and the Taylor Walker Pub Company. He has also held a number of senior financial positions in Forte.