Looking Dim For Luminar

The future isn’t looking bright for Luminar Leisure, Britain’s biggest nightclub operator, which called in administrators after losing the support of its bankers.

Lloyds Banking Group and Royal Bank Of Scotland pulled the plug as Luminar’s share price stood at less than one penny.
It’s not known if the administrators will continue to run the 75 clubs employing a full- and part-time staff of 3,000, or whether there might be more value in the property leases.

Ten years ago, Luminar stock was trading at 850 pence per share but changes in the licensing laws that enabled pubs to stay open as late as nightclubs, the smoking ban and rising unemployment among a cash-strapped younger generation have all taken their toll.

“Luminar has arguably had the smell of death about it for some time,” Mark Brumby, an analyst at Langton Capital, told The Daily Telegraph.