Friday, December 16, 2011

News: Luminar deal includes Rotherham nightclub


A £45m deal to save nightclub operator Luminar, includes the purchase of the Liquid and Envy club in Rotherham town centre.

The company had a branded estate of over 70 nightclubs and bars and the largest square footage of nightclub capacity in the country. In their last annaul accounts they posted a statutory loss from continuing operations after exceptional items of £184.6m.

They entered administration in October after talks broke down with its banks (Lloyds TSB, Barclays and the Royal Bank of Scotland) on the restructuring of the group's debt arrangement.

Peter Marks, Alex Geffert and Joe Heanen, all with experience in the leisure industry, completed the deal earlier this month.

A spokesperson from joint administrator, Ernst and Young confirmed that the Rotherham club was part of the deal.

In September, the 22,000 sq ft, 2,000 capacity nightclub on Main Street was put up for sale by Luminar as an investment and a development opportunity. The club has remained trading throughout but it is not yet clear whether the new owners intend to keep the club open or continue with the sale.

In a statement, Peter Marks, said: "I am delighted that we have been able to complete the acquisition of Luminar.

"There was always a solid core business within Luminar but, in common with many in the sector, the perfect storm of high debt, an under-performing tail and a lack of investment meant that the company could not survive the downturn when it came.

"The bulk of the estate is performing well, as are other privately owned club and bar businesses.

"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."

Alex Geffert, added: "Now we are on firm financial footing we have plans to refresh many of the clubs over the next two years. We believe the lights are firmly back on for the company, saving thousands of jobs into the bargain."



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