Luminar, Britain’s biggest nightclub business, has withdrawn its Entertainment Division from the market after offers failed to match the company’s own valuations.
The company has ring-fenced the division, which includes the Chicago Rock Cafe and Jumpin Jaks concepts, with its own management structure led by David Crabtree, formerly operations director at Yates Group.
Luminar is understood to have received approaches from a number of parties including Ian Payne, backed by TDR Capital, and John Sands, the former Pubmaster chief executive. Regent Inns are also thought to have looked at the division.
Although the company is thought to have received an initial offer of about £120m, sources suggest this figure was later reduced on account of the latest trading information.
Luminar announced the decision at today’s annual meeting.
Trading for the first four months of the year to July was “broadly in line” with expectations. It said that like-for-like sales were neutral.
The acceleration of the company's branded strategy continues to make progress: one new Oceana and six new Lava and Ignite venues will have opened before the
half year. The target for the full year is a further two Oceanas, five Liquids and five Lava and Ignite venues.
Luminar said it was close to completing the £17m sale-and-leaseback deal announced at its last results presentation.
A further seven properties will be sold at auction with permission for alternative uses in the autumn.
The company’s next trading update is in September.
