Luminar sells entertainment division

05 December 2006 by
Luminar sells entertainment division

Nightclub and bar operator Luminar has sold its entertainment division, which includes 54 Chicago Rock Cafés and 13 Jumpin Jaks, for £95.8m.

Under the terms of the deal, Luminar will retain a 49% share in buyer NewCo, an operating company set up for the purposes of the deal.

Luminar chief executive Stephen Thomas said: "This allows Luminar to be solely focussed on brand destination dancing venues. Under their new ownership, these businesses will have the opportunity of reaching their full potential."

The sale also includes 31 unbranded nightclubs that Luminar deems unsuitable for conversion to destination dancing venues.

It also includes a sale and leaseback programme of the freehold properties within the division, and any surplus cash will be returned to shareholders.

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

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

Laurel to sell 150 bars to Luminar? >>

By Tom Bill

E-mail your comments to Tom Bill](mailto:tom.bill@rbi.co.uk?subject=Luminar sells entertainment division) here.

Get your copy of Caterer and Hotelkeeper every week -

[Sudoku](http://www.caterersearch.com/Articles/Article.aspx?liArticleID=302619 "A new puzzle every day!") Join the craze and play Sudoku online!
[Newswire For the latest hospitality news, sign up for our e-mail news alerts.
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.

close

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