95.5% take-up on Luminar share offer

By Ewan Turney

- Last updated on GMT

Related tags Nightclub operator luminar Stock market Share Shareholder

Thomas: targeting 60 towns
Thomas: targeting 60 towns
Nightclub operator Luminar Leisure has announced a 95.5% take-up from shareholders on its plan to raise £35.75, through a new share issue. On 31...

Nightclub operator Luminar Leisure has announced a 95.5% take-up from shareholders on its plan to raise £35.75, through a new share issue.

On 31 July, the group said that it planned to raise £35.7m net of expenses via a firm placing and would issue almost 39.5m shares at 95p each.

A general meeting in order to secure shareholder approval for the share issue will be held today.

It has a target list of 60 towns in the UK where it would like to open a nightclub. Chief executive Steve Thomas said Luminar registered the highest cash generation per venue in the industry.

It averages £700,000 of Ebitda per site which compares to a JD Wetherspoon figure of just over £200,000 and a Mitchells & Butlers average of £240,000. "Our figure is probably around triple anybody else's," said Thomas.

The chief executive said the key to Luminar expansion was finding sites that offered the right square footage and location — an Oceana needs 40,000sq ft and Liquid requires 20,000sq ft.

Oceana, which trades at 13 sites, currently has a brand average Ebitda per venue of £1.3m. The Kingston site, which was the second to open, currently produces £3m of Ebitda per year.

Thomas added: "Luminar's always moved with the times and we're communicating with our customers better than ever — I think we're also in a better position than ever to deliver to customers across the week."

Related topics MA Leaders Club

Property of the week

Follow us

Pub Trade Guides

View more