Luminar targets 'prime' club sites
The party might not be over at nightclubs operator Luminar, but it appears to be slowing down.
The company behind brands such as Oceana, Liquid and Life is to open fewer clubs this year, cutting expenditure in the process.
Luminar admits trading since January has been "challenging" but insists it will meet City profit forecasts.
In an attempt to conserve cash, it will open sites only in "prime target towns that are expected to deliver excellent returns". Capital expenditure is being cut by £12 million.
Luminar expects to have 110 clubs by 2010, of which 70 will be branded.
Like-for-like sales at the dancing division rose 1.6% in the year to 28 February.
Chief executive Stephen Thomas said: "With a clear strategy we have built a strong business that is positioned well in its market place and will continue to generate significant sums of cash. We are focused on developing a business that delivers excellent returns for shareholders."
