Luminar plans to raise £35.7m for expansion

31 July 2009 by
Luminar plans to raise £35.7m for expansion

Nightclub operator Luminar is to raise £35.7m from share issues so that it can take advantage of cheap property prices and expand its portfolio.

The company, whose brands includes Liquid, Life and Lava & Ignite, is raising the money by issuing shares at a discounted 95p (from 141p) each to raise half as much as the company's current value of £80m.

Chief executive Stephen Thomas said: "This is a call to dance. Somebody has to put the smile back on the face of the UK and we plan to do it by getting people back on the dance floor. It you're not dancing, you're not enjoying yourself."

Around £16m has been allocated for Oceana clubs in Manchester and potentially Sheffield, Liverpool, Glasgow and Reading, reported The Times.

While £16m is also going on a further 10 sites under the Liquid brand or individually-branded units and £3m will be used to expand sites in Cambridge, Exeter, Bristol, Northampton and Bury St Edmonds.

Chicago Rock Café owner interested in Regent Inns >>

Luminar Group sells 26 bars to Cavendish >>

Nightclub operator Luminar feels next to no impact from smoking ban >>

By Emma White

E-mail your comments to Emma White here.

If you have something to say on this story or anything else join the debate at Table Talk - Caterer's new networking forum. Go to jobs
Looking for a new job? Find your next bar job here with jobs

Blogs on]( Catch up with more news and gossip on all Caterer's blogs
[Newsletters For the latest hospitality news, sign up for our e-mail newsletters.
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 Group 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