Nightclub operator Luminar up for sale

BRITAIN’S biggest nightclub owner yesterday revealed it had put itself up for sale as part of its latest attempt to secure a future for the business.

Luminar – which owns brands including Liquid, Oceana and Lava & Ignite – has received indicative offers for its assets but said none were sufficient to generate returns for shareholders. In a further blow to beleaguered investors, it warned its long-term funding options included a rights issue that would dilute the value of existing shareholdings.

Shares plunged 55 per cent to close at 0.95p.