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.
A distributor of oils and ancillary cleaning products to a wide client base, and is not dependent on any one client or market sector. These Items are an essential component to ensure smooth operation of equipment and reduce wear & tear and reduce ope...
The company is an equestrian business comprising a popular retail store, accredited livery and riding facilities and a competitive events operation, operating from an attractive rural location in the East Midlands.
LEASEHOLD
The group provides pre-owned vehicle sales, warranty solutions, MOT inspections, part exchange, vehicle valuation, and vehicle sourcing. Additionally, the group offers car finance solutions, making it easier for customers to purchase vehicles through...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.