The new owners of nightclub operator Luminar have insisted it is back on track as it recovers from years of under-investment.
The group operates 53 clubs, including three in Scotland, after being rescued from administration in a £45 million deal that saved more than 2,500 jobs.
A trio of leisure industry specialists – Alex Geffert, Joe Heanen and Peter Marks – completed the deal in December 2011 before launching a refurbishment drive that will see 60 per cent of the estate overhauled by next February.
Pre-tax profit for the year to 23 February was £1.3m based on turnover of £89.9m, despite the impact of additional tuition fees and high unemployment within the core 18-24 age group on the late night sector.
Luminar’s chief financial officer Russell Margerrison said the estate had suffered from under-investment for many years.
He added: “The quality of the experience fell way below what our customers expected. We now have a robust plan in place that will touch the majority of the estate by the end of our next financial year, together with a longer term view of re-investing to keep our brands and venues up to date.”
North of the Border, the group has the Institute club in Aberdeen, Liquid in Dundee and Edinburgh’s The Cav.
Regional director for Scotland, Martin Winter, said: “This is an impressive set of results that demonstrates that the business is heading in the right direction. [We] are now in a position to continue to invest in our clubs and our people to build a profitable future.”