Former Luminar sites assignments continue

By Mark Wingett

- Last updated on GMT

Related tags: Lease, Nightclub

Former Luminar sites assignments continue
Luminar, Europe’s largest nightclub operator, is close to finalising the assignments of the few remaining leases within its 56-strong estate and is looking to acquire new sites.

The company has now completed the acquisition of the majority of the leases it had contracted to acquire 18 months ago from former owners Luminar Group Holdings Plc, which is in administration with Ernst & Young.

The group, which owns 18 freehold venues and operates the Oceana, Lava & Ignite, and Liquid brands, has been showing a steady uplift in sales following investment in its estate and is now seeking strategic acquisition opportunities.

Earlier this year, the company, which was acquired at the end of 2011 by a Peter Marks-led consortium for £33.3m, acquired a site in Guildford.

In the past 12 months, it has been focused on transferring leases across to The Luminar Group, refurbishing and refreshing clubs that had “not had any significant investment in a considerable number of years”.

Marks said: “The lease assignments we have negotiated and settled demonstrate the increasing confidence landlords have in the new Luminar Group. They have been impressed that we have undertaken numerous high value refurbishments around the estate; 14 sites have been completed to date, with a further 18 committed to over the coming year, at a time when few other late night operators are able to make the same level of investment.

“Additionally, we have seen improvements in the nightclubs’ performance, where the former owners had for a number of years overseen significant decline. The Luminar Group has shown overall 14% uplift in sales over Easter building on a successful Christmas which delivered 15.5% annual growth.”

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