Party's over as Luminar writes off £187 million
Staying in: Luminar's core market has been hit badly by rising unemployment and higher education cuts
11 April 2012
Luminar, the nightclub operator with a stock-market value of just £7 million, today wrote off £187 million in goodwill and "non-cash impairment" of fixed assets.
The company behind the Oceana and Liquid clubs unveiled a loss of £1.1 million for the year to February, roughly what the City was expecting.
That follows a string of profit warnings in the last two years. Today it said that its lending banks had granted a covenant waiver in respect of tests due at the end of May.
Sales for the year fell sales to £137.3 million from £169 million the year before. The company has struggled as its core 18-24 customer base has been badly hit by the economic downturn.
