Mon, 12 Dec 2011 | BUSINESS SALE
A £45 million buyout deal has saved stricken nightclub operator, Luminar, which fell into administration in October.
The company has been bought by leisure industry specialists, Peter Marks, Alex Geffert and Joe Heanen, in a deal that secures the future of more than 3,000 jobs in some 75 branches of Lava & Ignite, Oceana and Liquid clubs throughout the UK.
The Business Sale Report covered the news of the administration in October, when the company collapsed under debts of around £140 million, with more than £80 million owed to banks.
Mr Marks said that Luminar had a “solid core business”, but that like many companies in the sector, the difficulties of the economic downturn had proven too burdensome.
“The bulk of the estate is performing well, as are other privately owned club and bar businesses,” Marks explained. “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.”
It is thought that the three new owners have plans to refresh and renovate many of the venues in the coming year.
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