Luminar replaces auditors
Wednesday 24 August 2011
The beleagured nightclub operator Luminar has unexpectedly replaced its auditor just ahead of a key deadline with its banks.
Luminar's banks, including Lloyds, Barclays and Royal Bank of Scotland, agreed in May to waive loan covenants and continue lending to Luminar until the end of August while it worked on a recovery plan.
The company, which owns the Oceana and Liquid club chains, issued the latest in a series of profit warnings in July, revealing further falls in sales. It has blamed the downturn, which has hit its key market of 18 to 24 year olds particularly hard.
Luminar revealed yesterday that it is replacing PricewaterhouseCoopers after eight years as auditors with KPMG, saying that its board has decided "a fresh audit relationship" would benefit the group. PwC, however, were reappointed as auditors at its annual meeting just last month.
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