An unnamed Irish investment group has moved into pole position to acquire the majority of the former Luminar estate, which went into administration last month, M&C Report understands. It is thought that the group has approached administrators Ernst & Young with what has been described as a “knock out” bid for the business and a deal could be announced as early as tomorrow. This is said to have seen the firm jump head of Hugh Osmond’s Sun Capital; Sun European Partners; an unnamed American group; and RCapital, which is thought to be backing a bid led by former chief executive Simon Douglas. It was thought that Sun Capital had put forward an offer in excess of £45m for 55 of the nightclub operator’s 75 sites, in a package, which would have included the roll over of some of Luminar’s £85m debt. The 55-strong package is believed to include 40 sites that are trading profitably. Last month, Ernst & Young, the administrators of Luminar and its subsidiaries, took steps to close 11 loss-making clubs as part of their ongoing strategic review of the business. At the same time, it said that it had received a large number of enquires about the business as a whole and individual sites, and was actively engaged in discussions with these parties.