The banks behind Luminar reportedly rejected a rescue package for the nightclub operator before it was placed into administration from Hugh Osmond, which would have seen the entrepreneur, who helped to create Pizza Express and Punch Taverns, take a significant stake in the business. According to Sky News, the deal would have involved raising £20m from new and existing investors in the struggling nightclub operator, while its banks would have written off a large part of the company’s £85m debt. Osmond had previously bought Camden Palace from Luminar for £4.02m in 2004. However, the proposal from Osmond’s investment vehicle Sun Capital, which is not to be confused with the US private equity firm of the same name, which is also interested in Luminar, was rejected as the group’s performance continued to deteriorate. According to The Times, Osmond is now considering whether to bid for up to 50 of the company’s remaining 75 clubs, although it is thought that his offer would be contingent on keeping the group's operational infrastructure. Administrators for Luminar, Ernst & Young said: “Whilst it has been a difficult trading period for the industry as a whole the company has been working extremely closely with all stakeholders including its banks which provided additional funding and deferred loan repayments through this period, to turn the business around and secure a solvent restructuring. “However whilst additional investment or a sale of the company was pursued this was not able to be secured in time without the business seeking protection of an Administration. As Administrators, we are now working with the support of the management, employees and its creditors and banks to restructure the business as a going concern."