Millionaire entrepreneur Sir Tom Hunter and property tycoon Nick Leslau have told the London Stock Exchange they may bid for struggling nightclub and bar operator Luminar.
In a statement, the pair said Mintgate Investments, headed by Leslau’s Prestbury Investment Holdings, was considering an aggressive takeover of the Chicago Rock Café owner.
Mintgate currently holds more than three million shares in the company – a 4.6% stake.
Luminar has seen sales collapse at its Jumpin’ Jaks bars with like-for-like figures in its leisure division – which also includes Chicago Rock – down 8% over Christmas.
This is in contrast to the company’s dancing division, where its branded nightclubs such as Oceania and Liquid have continued to perform well.
Prestbury Investment Holdings already owns 220 Spirit pubs through a joint venture with financiers West Coast Capital, which it acquired in a £500m sale-and-leaseback deal in March 2004.
West Coast Capital is Hunter’s investment firm, which owns the Birthdays card chain.
Spirit agrees sale and leaseback with Prestbury >>
By Chris Druce
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