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Luminar reduces debt by more than £30m

15 September 2005

Disposals of underperforming assets and improved operating cash flow helped nightclub operator Luminar reduce debt to £140.4m during the six months to 31 August 2005.

In June it sold 49 non-core nightclubs to a management buy-in team for £27.2m, and signed a sale and leaseback deal in May raising £17m.

The company wants to sell its leisure division, which includes Chicago Rock Café and Jumpin' Jaks, but was disappointed by the low offers it received earlier this year and ring-fenced the business.

Several units were rebranded during the period and like-for-like sales for the year to date remained neutral in a "challenging" market.

Luminar's net debt in the same period last year was £173.3m. It operates nightclub brands Oceania, Liquid and Ignite.

By Chris Druce

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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.

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