Sun Capital Partners, the investment vehicle of Pizza Express co-founder and Punch Taverns creator Hugh Osmond, is thought to have made the first move for the majority of the Luminar estate, which fell into administration last month. M&C Report understands that Sun Capital has put forward an offer in excess of £45m for 55 of the nightclub operator’s 75 sites, in a package which will include the roll over of some of Luminar’s £85m debt. The 55-strong package is thought to include 40 sites that are trading profitably. It is thought that Osmond’s move has put him in the box seat for the majority of the Luminar estate, with its backers keen to have a deal sown up before the festive period. A rescue package for Luminar, which would have seen Osmond become a significant shareholder in the group, was understood to have been rejected just before it was placed into administration. Osmond had previously bought Camden Palace from Luminar for £4.02m in 2004. Sun Capital is thought to be one of up to five parties vying for control of the rump of Luminar’s estate. Sun European Partners, backer of Atmosphere Bars & Clubs, and RCapital, owner of Little Chef and a number of nightclubs, are thought to be two of the other parties running a rule over the company. 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 in the business as a whole and individual sites, and was actively engaged in discussions with these parties. The nightclub chain’s banks, Barclays, Lloyds TSB and the Royal Bank of Scotland, will be wary that the level of the offers for the business are likely to drop significantly after the end of the year, which is traditionally the busiest trading period for the late-night sector.