Wed, 28 Sep 2011 | BUSINESS SALE
Nightclub owner Luminar is inviting offers for the business in an effort to protect its future after it lost 50 per cent of its stock value in one day.
Luminar is the largest nightclub operator in the UK and runs Liquid, Lava & Ignite and Oceana clubs. Offers put forward for its assets have not been enough to bring in returns for its investors. It has not received any bids for the whole company.
The business has warned that its long-term funding options included a rights issue, which would dilute the value of existing shareholdings. In August Luminar was given a second extension by its banks to waive a loan until 27 October.
Luminar’s trading has shown stability since 25 August, with like-for-like sales to 24 September down by six per cent. An 11.7 per cent fall was last reported by the group in the 25 weeks ending 20 August.
The Milton Keynes-based group operates about 70 nightclubs across Britain. Its website states that its clubs have over 11 million customers each year.
Its main branded clubs feature the latest lighting, sound and laser technology, along with 360-degree graphics. Its non-branded, smaller venues include the Sugar Mill in Hull and Batchwood Hall in St Albans.
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