Thu, 03 Nov 2011 | ADMINISTRATION
Stricken nightclub company, Luminar, has closed 11 of its venues but is continuing its search for buyers for the remaining 65 venues.
The company was placed into administration by its banks last week, jeopardising the future of more than 70 nightclubs operating under the Liquid, Oceana and Lava Ignite brands.
Administrators from Ernst & Young have been carrying out an extensive investigation of the status of the different clubs around the UK, and have deemed 11 to be 'non-core' and have shut them down. The clubs concerned are those in Wigan, Northampton, Brighton, Bury St Edmunds, Basingstoke, Hemel Hempstead, Swindon, Mansfield, Redditch, High Wycombe and Sunderland.
A representative for Ernst & Young said, however, that the search for buyers for the remaining businesses was ongoing. The spokesman said that the search had so far generated exceptional interest and they were confident that successful sales could be secured for many of them.
He urged anyone with an interest in buying any of the clubs - which will be trading as normal in the meantime - to come forward and contact the administrators.
The company registered losses of £198 million in the year to the end of February, leaving its banks with no option but to call in the company's debts last week, as reported in the Business Sale Report.
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