Regan cooperates

Andrew Regan, the Monaco-based entrepreneur who tried to take over the Co-operative Wholesale Society three years ago, yesterday returned to Britain to face a criminal charge of stealing £2.4m.

Mr Regan flew to London and gave himself up at Charing Cross police station, where he was arrested and charged with theft. He later appeared in court and was released on £1m bail.

Mr Regan, pictured yesterday, has been wanted by the serious fraud office since October. He is accused of stealing money five years ago from Hobson - a food company of which he was then chief executive.

The case revolves around an agreement under which Hobson supplied products to the Co-operative Wholesale Society. This contract was extended in 1995 in return for a payment by Hobson of £2.85m.

At Bow Street magistrates' court, Mr Regan spoke only once - to confirm his name and his address in Monte Carlo. He was granted a highly unusual bail condition allowing him to return to Monaco until June 20.

His lawyer, Julian Bevan, said that he wanted to tie up his business affairs and attend the confirmation of three of his six children in the principality.

Beyond June 20, he was told to surrender his passport and stay in London, within the M25.

Mr Regan was told to sleep every night at a designated address in south London, and he was also ordered not to contact any potential witnesses in the case.

Mr Regan has provided a surety of £500,000, and his father, former Spring Ram kitchens chairman Roger Regan, has lodged a further £500,000 security with his law firm.

A warrant for Mr Regan's arrest was issued after three other people were charged in September with corruption offences. The three were Allan Green and David Chambers - both former Co-op employees - and Paul Thomas, a former solicitor for Hobson.

Mr Regan tried to institute a £1.7bn takeover of the Co-operative Wholesale Society through a vehicle called Galileo. The attempt failed before he had even tabled a formal bid.

Mr Regan is represented by Burton Copeland, a law firm which has worked on a series of high profile City cases including the Maxwell affair and the collapse of Blue Arrow.