Nightclub operator Luminar completes £76.8m sale-and-leaseback deal

30 January 2007 by
Nightclub operator Luminar completes £76.8m sale-and-leaseback deal

Luminar Leisure has completed a £76.8m sale-and-leaseback deal at 20 properties, as part of its disposal of its entertainment division.

Luminar sold off its 54 Chicago Rock Cafes and Jumpin Jaks for £95.8m last December to NewCo. The deal included 31 unbranded nightclubs deemed unsuitable for conversion.

NewCo, an operating company set up for the purposes of the deal, is owned by property group Prestbury (20%) and the division's management team (31%) led by David Crabtree.

Luminar also retained a 49% share in the new business.

At the time of the disposal Luminar said surplus cash generated through the deal would be returned to shareholders.

Legal firm Field Fisher WaterHouse advised Luminar on the deal.

by Chris Druce

Christmas gives Luminar a boost in sales>> Second senior figure to leave nightclub operator Luminar in a week>>
Luminar web site>>

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