Luminar hoists for-sale sign

Luminar, the UK's biggest nightclub owner, has put itself up for sale as part of its latest attempt to secure a future for the business.

However, the group, which runs Liquid, Oceana, and Lava & Ignite clubs in town centres across the UK, said that none of the indicative offers it has received for its assets would generate returns for shareholders. It has not received any bids for the whole company.

In a further blow to investors, it warned its long-term funding options included a rights issue, which would dilute the value of existing shareholdings. The group's shares plunged 52 per cent to 0.95p, valuing the group at just £954,000.

Luminar's banks granted it a second extension to waive a loan covenant test until 27 October in August. The group said that trading since 25 August had stabilised, with like-for-like sales down 6 per cent. It last reported a 11.7 per cent decline.