Luminar sells property

22 February 2006
Luminar sells property

Nightclub and bar operator Luminar has sold six properties for £8.5m.

The properties had been ear marked for disposal and were sold, in aggregate, above book level.

Luminar has already disposed of £4.9m of non-core or closed units in its current financial year.

Chief executive Steve Thomas said: "We have continued to successfully dispose and create value from our non-core estate and will continue to seek further opportunities to realise value for the benefit of the shareholders."

The company is concentrating its efforts on its branded nightclub business, which includes Oceania and Liquid, and selling off smaller nightclub sites.

Last year it also tried to dispose of its entertainment division, which includes Jumpin' Jaks and Chicago Rock Café, but a lack of appetite from buyers led it to suspend the sale.

Luminar had a mixed Christmas period, with its Jumpin' Jaks bars struggling to attract punters, although its nightclubs performed well.

By Chris Druce

Mixed Christmas for Luminar >>

Luminar entertainment division not for sale >>

Luminar reduces debt by more than £30m >>

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