Luminar nears deal to dispose of Chicago Rock Café and Jumpin' Jaks

15 November 2006
Luminar nears deal to dispose of Chicago Rock Café and Jumpin' Jaks

Nightclub operator Luminar is in the advanced stages of a deal to dispose of its Chicago Rock Café and Jumpin' Jaks businesses after months of uncertainty.

Luminar intends to create a new operating company for its entertainment division, which it will maintain a minority interest in.

As part of the process the company will then complete a sale and leaseback programme of the freehold properties within the division, retuning surplus cash to shareholders.

In May the company announced officially that it would be ditching the entertainment division, which includes Chicago Rock and Jumpin' Jaks, as it no longer formed part of its future growth strategy, which is based on branded nightclub development.

Luminar had sought to sell the entertainment division in 2005 but failed to attract high enough bids.

The company, which owns nightclub brands Ignite, Liquid and Oceana, has today appointed The Restaurant Group's non-executive chairman Alan Jackson to the board as chairman. He replaces Keith Hamill who will retire at the end of the year.

Luminar has also recruited David Haimes as managing director of operations.

Pre-tax profit was down £3.2m to £7.6m (2005: £10.8m) in the half year ended 31 August. Turnover was £99.4m compared with £95.8m a year ago.

Net debt was reduced by £21.5m from 1 September 2005 to £118.9m.

Second senior figure to leave nightclub operator Luminar in a week >>

Secretary at nightclub operator Luminar quits role >>

By Chris Druce

E-mail your comments to Chris Druce here.

Get your copy of Caterer and Hotelkeeper every week -

The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.


Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking