Monday, November 13, 2006

Luminar Nearing Sale Leaseback of UK Nightclub Portfolio

Hemscott - November 15, 2006

Nightclub operator Luminar is in the advanced stages of a deal to dispose of its Chicago Rock Café and Jumpin’ Jaks businesses after months of uncertainty. Luminar intends to create a new operating company for its entertainment division, which it will maintain a minority interest in.

As part of the process the company will then complete a sale and leaseback programme of the freehold properties within the division, retuning surplus cash to shareholders.

In May the company announced officially that it would be ditching the entertainment division, which includes Chicago Rock and Jumpin’ Jaks, as it no longer formed part of its future growth strategy, which is based on branded nightclub development. Luminar had sought to sell the entertainment division in 2005 but failed to attract high enough bids.

The company owns nightclub brands Ignite, Liquid and Oceana. Sphere: Related Content

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