Nightclub operator Luminar has confirmed it has completed lease agreements on all of the properties in its group for long and short term deals across its 59-strong estate.
As reported in M&C Report last month, the company will invest £3m in a new nightclub due to open at Basildon’s Leisure Park in August. The site is in the building next to its current site in the Essex town, which houses a Liquid & Envy and a JJ’s pre-club bar.
The group’s estate includes newly acquired Chicago Leisure business as well as PRZYM, Cameo and Oceana.
Luminar’s chief financial officer, Russell Margerrison said: “We are pleased to confirm that we have assigned our final lease, as this marks the closure of one chapter in our book. The fact that we have been able to get all of these leases over the line demonstrates the confidence that landlords have in the performance of our business.
“Over the last two years, we have delivered consistent growth, with well-placed investment in our estate achieving exceptional returns and securing the financially stability of the business. Over the next 12 months we will continue to build on this success through a robust investment strategy and operational efficiencies.”
The average length of the lease agreements are c.10 years.
Chief executive Peter Marks told M&C Report that the company was in a strong position going into 2015 and that while it would continue to grow, the focus was on refurbishing the rest of the estate (around 50% has now completed) and integrating the Chicago Leisure sites into the portfolio.
