Nightclub operator Luminar enters administration

26 October 2011 by
Nightclub operator Luminar enters administration

Nightclub operator Luminar, the firm behind brands Oceana and Liquid, has gone into administration after the consortium of banks backing it decided not to extend a waiver on the covenants of its three-year banking facility.

The company announced the move today, ahead of the expiry of the waiver on certain covenants in its three-year facility with Lloyds Bank, Barclays Bank, and the Royal Bank of Scotland tomorrow (27 October).

The firm, which operates 76 sites and claims to be the largest nightclub group by are in the country, said that it had continued to investigate other long-term restructuring options with the banking group and other parties.

In a statement Luminar said: "The Banking Group has today informed Luminar that it will not grant an extension to the waiver when it expires. Absent such waiver, the Company is unable to meet certain of its repayment obligations to the Banking Group which fall due on 27 October. As a result it will also be unable to issue its half-yearly financial report covering the first six months of the financial year on a going-concern basis on that date as required by the Disclosure and Transparency Rules.

"Accordingly, the Directors of Luminar have no option but to take steps to place the Company and certain of its subsidiaries into administration and to request the UKLA to suspend trading in Luminar's shares with immediate effect."

Luminar ‘disappointed' with £1.1m loss >>

Luminar reports 10% fall in same-outlet annual sales >>

Luminar parts with finance director as profits slump >>

By Neil Gerrard

E-mail your comments to Neil Gerrard here.

If you have something to say on this story or anything else join the debate at Table Talk - Caterer's new networking forum. Go to jobs

Looking for a new job? Find your next job here with jobs

Blogs on ]( Catch up with more news and gossip on all Caterer's blogs
[E-newsletters]([ For the latest hospitality news, sign up for our E-newsletters
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 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.


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