Partly Cloudy

Partly Cloudy

max temp: 19°C

min temp: 14°C

ESTD 1874 Search

The pigs are coming. Find out more about

Pigs Gone Wild

here.

East Anglia: Increased profits for Liquid & Envy nightclub operator Luminar

10:36 21 May 2014

Inside one of Luminar

Inside one of Luminar's Liquid nightclubs.

Archant

Luminar, the UK’s largest nightclub operator, today revealed a near-50% increase in annual operating profits after its second full year of trading following its rescue from administration in 2011.

The group, which operates 53 venues around the UK including the Liquid & Envy clubs in Ipswich and Colchester, Evoke in Chelmsford and Bellare in Cambridge, reported revenues for the 52 weeks to February 22 of £88.263million, slightly down from £89.851m the year before.

But reduced administrative expenses left operating profits 49.3% ahead, at £6.653m against £4.457m, and pre-tax profits, after exceptional items, were more than double those of the previous year, at £3.401m compared with £1.326m.

The group invested £5.3m during the year in major projects, including the launch of multi-room PRYZM-branded sites in Bristol and Kingston. Clubs in Bournemouth, Cambridge, Lincoln, Preston and Romford also received investment and two sites wwere acquired, in Chelmsford and Dundee.

Chief executive Peter Marks said: “The strategy we adopted on acquisition continues to deliver and we are pleased with the consistent progress we are making. Luminar’s trading position continues to improve, as the effects of investment in our estate and our people together with a robust focus on cost control, improves profitability.”

Luminar was acquired by its present management in a £45m deal December 2011, two months after the company fell into administration when its bankers refused to extend a period of leniency on its borrowings.

A number of loss-making venues, including Brazilia in Bury St Edmunds, were closed by the administrators but most of the sites, including Liquid & Envy in Ipswich and Colchester, were saved.

The acquisition team was led by Mr Marks, a former executive at Luminar, together with Alex Geffert, a former head of leisure and nightclub business at Whitbread, and Joe Heanen, founder and owner of nightclubs including Mbargo, Bunker and Sodabar.

The group had been suffering for a number of years from a combination of the ban of smoking, the extension of pub opening hours and the impact of the recession on its core market of 18- to 24-year-old clubbers. However, the business is now free of bank debt and its refurbished venues are attracting more business.

Mr Marks said: “When we acquired the business, one of our key priorities was to refurbish the estate which had been under-invested for many years. Our investment programme is now starting to deliver results and we’re proud of the high quality nightclubs we now operate.

“In particular, PRYZM is at the cutting edge of UK clubs with the latest in sound technology together with luxury interiors and VIP pre-bookable booths attracting top name DJs including Duke Dumont and Zane Lowe.”

Luminar added that trading so far during the current year remained in line with expectations.

0 comments

Welcome , please leave your message below.

Optional - JPG files only
Optional - MP3 files only
Optional - 3GP, AVI, MOV, MPG or WMV files
Comments

Please log in to leave a comment and share your views with other East Anglian Daily Times visitors.

We enable people to post comments with the aim of encouraging open debate.

Only people who register and sign up to our terms and conditions can post comments. These terms and conditions explain our house rules and legal guidelines.

Comments are not edited by East Anglian Daily Times staff prior to publication but may be automatically filtered.

If you have a complaint about a comment please contact us by clicking on the Report This Comment button next to the comment.

Not a member yet?

Register to create your own unique East Anglian Daily Times account for free.

Signing up is free, quick and easy and offers you the chance to add comments, personalise the site with local information picked just for you, and more.

Sign up now

Building work at Beardmore Park, Martlesham Heath.

Major plans for a new £8million retail estate in Martlesham Heath, including DIY store Wickes, and scores of new jobs have been confirmed.

Carolyn Fairbairn, director-general of the CBI.
Photo: Ben Watkins

Financial stability and neglected election promises should be the main focus for the Government following Britain’s vote to leave the Eurpean Union, business groups said today.

Robert Sheasby, East Anglia regional director at the Natinoal Farmers' Union.

The Government must ensure that British agriculture is not disadvantaged following the UK’s vote to leave the European Union, the National Farmers’ Union’s leader in East Anglia said today.

The London Stock Exchange.
Photo: Tim Ireland/PA

Suffolk shareholders are today watching in fear as more than £100bn was wiped off London’s FTSE 100 index within minutes of markets opening after Britain’s decision to leave the European Union.

Security gates at the EU Referendum in Manchester Town Hall. Photo: Peter Byrne/PA Wire

There is much uncertainty this morning as Britain wakes to news we will be quitting Europe, here Annabelle Dickson addresses the biggest questions right now.

HOT JOBS

Show Job Lists

Most read

Most commented

Topic pages

Streetlife

Newsletter Sign Up

Sign up to the following newsletters:

Great British Life

Great British Life
MyDate24 MyPhotos24