The new owners of the former Luminar estate said they intend to spend the next two years working on developing and upgrading the business, which they said had previously been “unable to fight its corner” due to unprofitable sites and its high level of debt. The new group led by industry veteran Peter Marks, who was formerly chief executive at Brook leisure and Sports Café, completed the acquisition of nightclub operator Luminar out of administration in deal worth around £45m last week. Brook told M&C Report that the group, which will operate under the Luminar name, would spend the next month reassessing the 66-strong business. He said that the group would look to “rationalise a handful of sites” after establishing whether they would be economically viable going forward. Brook, who is joined in the new consortium by Alex Geffert, who formerly headed up Whitbread’s nightclub division, and entrepreneur and nightclub owner Joe Heanen, said the group, which was placed into administration with debts of around £85m, had not been “able to fight its corner” but that was about to change. He said: “Its tail of unprofitable sites and debt levels meant that it was unable to fight its corner against other operators and against the changing trading landscape. We are going to take two years getting to grips with the estate and where we think it should be. “There was always a solid core business within Luminar but, in common with many in the sector, it could not survive the downturn when it came. The bulk of the estate is performing well and we believe we have a cracking deal.” Brook said that himself, Geffert and Heanen were prepared to get their “hands dirty” in managing the process of re-establishing and refreshing the business. He wouldn’t be drawn on the two Irish high-net-worth individuals who reportedly backed the acquisition of the Luminar.