Luminar saved in £45m deal

 

Nightclub operator Luminar has been bought in a £45 million deal expected save 3,000 jobs.

The company, which ran Liquid, Oceana and Lava & Ignite clubs in town centres across the UK, collapsed into administration in October with debts of £140m, of which more than £80 million was owed to the banks.

Luminar was in the headlines after a 22-year-old student was killed in a crush at its Lava & Ignite club in Northampton in October.

Nabila Nanfuka, of Neasden, north-west London, was fatally injured and two other women taken to hospital in a critical condition.

A trio of leisure industry specialists - Peter Marks, Alex Geffert and Joe Heanen - formally completed Luminar's acquisition yesterday.

In a statement, Mr Marks, a former executive of the company and Northern Leisure said: "I am delighted that we have been able to complete the acquisition of Luminar.

"There was always a solid core business within Luminar but, in common with many in the sector, the perfect storm of high debt, an under-performing tail and a lack of investment meant that the company could not survive the downturn when it came.

"The bulk of the estate is performing well, as are other privately owned club and bar businesses.

"Luminar has a lot of good people and I am certain that with hard work, the right financial structure and an investment programme the company can look forward to a great future."

Mr Geffert, former managing director of the Whitbread leisure and nightclub business, added: "Now we are on firm financial footing we have plans to refresh many of the clubs over the next two years. We believe the lights are firmly back on for the company, saving thousands of jobs into the bargain."

Mr Heanen, founder and owner of nightclubs including Mbargo, Bunker and Sodabar, said: "As Britain's largest nightclub operator which once boasted an enterprise value of over one billion pounds, Luminar is an integral part of the UK's nightlife industry.

"We have huge confidence in the business and are committed to developing a successful and profitable company."

Luminar was the largest UK nightclub owner by number of venues, owning 75 clubs across the UK and employing 3,000 full and part-time staff at the time of its administration.

It suffered amid the financial gloom as its core market of 18 to 24-year-olds was hit by high levels of youth unemployment.

The smoking ban and changes in licensing laws to allow pubs to stay open longer also hurt it.

Administrators at Ernst & Young were appointed in October after lenders refused to extend a recent period of leniency on its debts.

The company's assets are now made up of 66 operating nightclubs, most of which trade under the Oceana, Liquid and Lava & Ignite brands. PA

Start your day with The Independent, sign up for daily news emails
ebooks
ebooksA special investigation by Andy McSmith
  • Get to the point
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Ashdown Group: Trainee Consultant - Surrey / South West London

£22000 per annum + pension,bonus,career progression: Ashdown Group: An establi...

Ashdown Group: Trainee Consultant - Surrey/ South West London

£22000 per annum + pension,bonus,career progression: Ashdown Group: An establi...

Recruitment Genius: Client Services Assistant

£18000 - £20000 per annum: Recruitment Genius: A Client Services Assistant is ...

Ashdown Group: Junior Application Support Analyst - Fluent German Speaker

£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...

Day In a Page

No postcode? No vote

Floating voters

How living on a houseboat meant I didn't officially 'exist'
Louis Theroux's affable Englishman routine begins to wear thin

By Reason of Insanity

Louis Theroux's affable Englishman routine begins to wear thin
Power dressing is back – but no shoulderpads!

Power dressing is back

But banish all thoughts of Eighties shoulderpads
Spanish stone-age cave paintings 'under threat' after being re-opened to the public

Spanish stone-age cave paintings in Altamira 'under threat'

Caves were re-opened to the public
'I was the bookies’ favourite to be first to leave the Cabinet'

Vince Cable interview

'I was the bookies’ favourite to be first to leave the Cabinet'
Election 2015: How many of the Government's coalition agreement promises have been kept?

Promises, promises

But how many coalition agreement pledges have been kept?
The Gaza fisherman who built his own reef - and was shot dead there by an Israeli gunboat

The death of a Gaza fisherman

He built his own reef, and was fatally shot there by an Israeli gunboat
Saudi Arabia's airstrikes in Yemen are fuelling the Gulf's fire

Saudi airstrikes are fuelling the Gulf's fire

Arab intervention in Yemen risks entrenching Sunni-Shia divide and handing a victory to Isis, says Patrick Cockburn
Zayn Malik's departure from One Direction shows the perils of fame in the age of social media

The only direction Zayn could go

We wince at the anguish of One Direction's fans, but Malik's departure shows the perils of fame in the age of social media
Young Magician of the Year 2015: Meet the schoolgirl from Newcastle who has her heart set on being the competition's first female winner

Spells like teen spirit

A 16-year-old from Newcastle has set her heart on being the first female to win Young Magician of the Year. Jonathan Owen meets her
Jonathan Anderson: If fashion is a cycle, this young man knows just how to ride it

If fashion is a cycle, this young man knows just how to ride it

British designer Jonathan Anderson is putting his stamp on venerable house Loewe
Number plates scheme could provide a licence to offend in the land of the free

Licence to offend in the land of the free

Cash-strapped states have hit on a way of making money out of drivers that may be in collision with the First Amendment, says Rupert Cornwell
From farm to fork: Meet the Cornish fishermen, vegetable-growers and butchers causing a stir in London's top restaurants

From farm to fork in Cornwall

One man is bringing together Cornwall's most accomplished growers, fishermen and butchers with London's best chefs to put the finest, freshest produce on the plates of some of the country’s best restaurants
Robert Parker interview: The world's top wine critic on tasting 10,000 bottles a year, absurd drinking notes and New World wannabes

Robert Parker interview

The world's top wine critic on tasting 10,000 bottles a year, absurd drinking notes and New World wannabes
Don't believe the stereotype - or should you?

Don't believe the stereotype - or should you?

We exaggerate regional traits and turn them into jokes - and those on the receiving end are in on it too, says DJ Taylor