Luminar Considering Sale and Leaseback of 63 UK Nightclubs

Times Online - March 11, 2004

LUMINAR, the bar and nightclub operator, is considering a sale and leaseback on its estate of about 60 unbranded dancing venues in a move that could presage a share buyback. The group hived off 63 non-core clubs into a separately run division in October in an attempt to improve trading ahead of an eventual disposal. A sale and leaseback would allow it to release cash tied up in the freeholds while continuing to address the issue of performance. Steve Thomas, Luminar's chief executive, said that the turnaround strategy put in place after last year's profit warning, the first since its 1996 flotation, was designed to put the group in a strong enough financial position to consider a range of options. Sphere: Related Content