A pair of unnamed financial players are understood be left in the running to acquire the majority of the former Luminar estate, and are believed to have lodged bids that could lead to losses of up to £50m for the nightclub operator’s lenders. As suggested by M&C Report yesterday evening, Ernst & Young, administrators for the group, are believed to have received a bid from an unnamed Irish group for the rump of the Luminar estate, while industry sources suggest the other leading suitor is either from the US or India. According to The Times, the leading bidders are offering around £35m for the majority of 64-strong estate, which was placed into administration last month with debts of around £80m. One of the parties is thought to have approached Volante, the management company behind Yellowhammer Bars, about running the business. The newspaper suggests that Hugh Osmond’s Sun Capital, which was believed to have been the early leader for the group, has been knocked out of the running, but continues to keep a watching brief on the process. Sun European Partners; Oakley Capital; and RCapital, which was thought to be backing a bid led by former chief executive Simon Douglas, have all reportedly failed to make the final round of bidding for the operator of the Oceana and Liquid and Envy brands. 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. Ernst & Young were appointed after the chain's backers the Royal Bank of Scotland, Barclays and Lloyds TSB withdrew their support for the business. At the same time, it said that it had received a large number of enquires about the business as a whole and individual sites, and was actively engaged in discussions with these parties.