Thu, 27 Oct 2011 | ADMINISTRATION
Luminar, the UK's biggest nightclub owner and the company behind the Liquid, Oceana and Lava & Ignite clubs, has been placed into administration by its banks, after efforts to find a buyer for the business failed.
The company's lenders, which include Lloyds, Barclays and Royal Bank of Scotland, said that they would not extend the period of leniency they had afforded it, and placed it into administration yesterday. Luminar operated 75 venues across the UK, but has suffered a major slump as a result of the economic crisis. The year to February 2011 registered losses of £198 million after sales fell by 19 per cent to £137 million.
In August the banks gave the company an extended period of time in which to "investigate longer-term restructuring options" and find a way to answer its debt burden. That period of time has run out today, Thursday, October 27, however, and the company stated that it had "no option but to take steps to place the company and certain of its subsidiaries into administration".
Luminar had put itself up for sale in September, as reported in the Business Sale Report, but it only received offers for parts of the business. There were not deemed sufficient to generate returns for the company's shareholders.
The company employs 3,000 people and it is thought that the administrators will look at breaking up the different brands of the company and explore individual sales.
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