Luminar opts for sale and leaseback

By Mark Wingett, M&C Report

- Last updated on GMT

Related tags: Renting, Luminar

Under the spotlight: Luminar is interested in signing 20 to 25-year leases on the 15 sites
Under the spotlight: Luminar is interested in signing 20 to 25-year leases on the 15 sites
Luminar, the nightclub operator bought out of administration by a consortium led by industry veteran Peter Marks in December, has appointed advisors to oversee a £32m sale and leaseback of 15 freehold sites.

Colliers International is understood to have been appointed to oversee the sale and leaseback of the 15 clubs, which in the majority currently trade under the Oceana and Liquid brands and are based in locations including Crawley, West Sussex, Kingston, south-west London, Nottingham and Romford, Essex.

The 66-strong Luminar is thought to be interested in signing 20 to 25-year leases on the 15 sites, which have a rent roll of £3m.
The rest of the group’s estate is made up of around 40 leasehold sites and a number of freehold and long leasehold units.

Funds from the process will be reinvested back into the group’s estate. The company has no debt and is keen to continue along its “two-pronged” process of turning the business around.

It is thought to have already made strides in changing the operational set-up of the group, giving more autonomy to managers, and is keen to ramp up its investment plans, especially as some sites have gone nearly eight years without a refurbishment.

Marks, formerly chief executive at Brook Leisure and Sports Café, linked up with Ice Planet’s Alex Geffert, who formerly headed up Whitbread’s nightclub division, and entrepreneur Joe Heanen, to rescue Luminar in a deal worth £45m.

Related topics: MA Leaders Club

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