A further deterioration in trading across the former Luminar estate, which was placed into administration last month, has raised doubts over whether a deal can be successfully concluded for the majority of the estate. M&C Report understands that like-for-like sales across the nightclub business declined by over 20% during the last month, which has led to interested parties reassessing the level of their bids. It was thought that Ernst & Young, administrators to Luminar, were hoping to announce a deal for the rump of the 64-strong estate today, but it is believed that any announcement has been pushed back to Friday at the earliest. Two unnamed financial players are thought to be leading the race for the business with bids between £30m to £35m, which would see lenders Royal Bank of Scotland, Barclays and Lloyds TSB hit with £50m in losses. There is now a real possibility these losses will increase as the process edges into December. The two leading parties are believed to comprise a group from Ireland and one from the US, although question marks have been raised against both groups and their ability to fund a deal. An unnamed interested party from India is believed to have dropped out of the running. One of the leading bidders is thought to have approached Volante, the management company behind Yellowhammer Bars, about running the business. Hugh Osmond’s Sun Capital investment vehicle, which made a play for the business before it went into administration, continues to watch proceedings with interest. It is thought to be only willing to proceed with a “no-cash deal” for the business, which would see the Luminar’s backers roll over a significant amount of the group’s c.£80m debt pile. Osmond is thought to have approached Steve Thomas, former head of Luminar, to help with managing the estate if his bid is successful. Sun European Partners and RCapital, which was thought to be backing a bid led by former chief executive Simon Douglas, are also both believed to waiting in the background to see how developments unfold. Oakley Capital, the private equity group led by former Pipex owner Peter Dubens, is thought ended its interested for the business.