LUMINAR NIGHTCLUBS GO INTO ADMINSTRATION
Clubbers put away your dancing shoes: Luminar , the only London-listed nightclub company, is going into administration after failing to secure an extension to its banking covenants. Luminar Group Holdings Plc, which is the UK’s largest club owner has approximately £85m in net debt owed to Lloyds TSB, Barclays and Royal Bank of Scotland. The company recorded losses of £198m in the year to the end of February as sales dropped by 19% to £137m. The company is the largest UK nightclub owner by number of venues, with 75 clubs across the UK employing 3,000 full and part-time staff. In the South West, it has venues under the Oceana brand in Plymouth, Bristol, Cardiff & Swansea. It is understood all the venues will remain open in the short term, being run as a going concern while buyers are sought for the company.
As well as owning the Oceana brand, it owns Liquid, Lava Ignite, Project, Fuzzy Logic, Love Social and Vibe club brands. The Milton Keynes-based group recently put itself up for sale but only received offers for part of the business and said these were not sufficient to generate returns for shareholders.
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