Property tycoon Nick Leslau and millionaire entrepreneur Sir Tom Hunter have withdrawn their offer for struggling nightclub operator Luminar.
In a statement to the City, they said: “After a period of internal discussion, Mintgate (the pair’s investment vehicle) has no intention of making an offer for Luminar at this time.”
It is a retreat from their previous position, in which they said Mintgate was considering an aggressive takeover of the Chicago Rock Café owner.
Mingate holds a 4.6% stake in Luminar and did not rule out making a bid within the next six months demanded by City regulations.
Luminar has seen sales collapse at its Jumpin’ Jaks bars with like-for-like figures in its leisure division – which includes Chicago Rock - down 8% over Christmas.
By Tom Bill
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Published by: The Caterer