Exeat, the new nightclub group headed by Luminar founder Stephen Thomas that emerged from the pre-pack administration of his No Saints venture, is already targeting acquisitions and is in the process of securing a couple more sites, M&C Report has learnt.

Exeat - which is Latin for “let them go out” - acquired seven of the nine former No Saints venues when the collapsed company’s former management outbid other offers.

The price paid was c£1.7m - the estimated value of the seven units was between c£1m and c£1.6m on an EBITDA multiple between one and two times, with the remaining non-viable assets valued at £105,000 to £427,000.

Thomas told M&C Report: “We had a couple of under performing units, which were causing us problems. We decided that we would put the assets on the market, then we would buy them.

“I offered £1.7-odd million and I got exclusivity on them.”

He added: “We are just acquiring a coupe more that I’ll announce in a couple of days.”

No Saints, which operated sites under the Wonderland and Jam House brands, was placed in administration with FRP Advisory in June.

An FRP Advisory spokesman told M&C Report: “Prior to our appointment as joint administrators to the group, two of the nine clubs were closed – Wonderland in Norwich and Myth in Southampton – due to poor trading which had put unsustainable pressure on cash-flow.

“Following a full marketing and highly competitive sales process, a sale was agreed and completed for the remaining operating parts of the group comprising seven trading sites to a new company controlled by former directors of the group. The sale of the remaining parts of the group to a new company offered the best long term solution in the interests of all creditors to ensure the ongoing viability of the business while safeguarding as many jobs as possible.”

A report from FRP Advisory said that at the time of its appointment, rent arrears across the estate stood at £761,000. The company made a loss of £657,000 for the period from 1 October 2013 and 31 May 2014 before further impairments were added.