Increased profits and change of name for Liquid and Envy owner Luminar
- Credit: Archant
Nightclub and late bar operator Luminar today reported a third consecutive year of growth – and a change of name.
Luminar posted a pre-tax profit of £3.7million for the 53 weeks to February 28, up from £3.4m the previous 52-week year, on turnover of £93.3m, up from £88.3m the previous year.
The group, which includes the Liquid and Envy nightclubs in Ipswich and Colchester, also said it was changing its named to Deltic (derived from the Greek letter Delta, often used to signify change) following its acquisition of the Chicago Leisure bars business last year.
Chief executive Peter Marks said: “The company has now delivered its third year of growth, with its strategic focus on investing in its estate, people and entertainment to create great nights out for its customers, delivering strong results.
“The acquisition of eight sites from Chicago Leisure in 2014 marked a change in direction, with plans to develop a late night bar business to complement our existing nightclub offer. As such, the time is now right to change the company’s name to reflect its future strategy.”
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The trading identities of the company’s clubs and bars, which also include brands such as Pryzm, Oceana, Fiction and Cameo, will not be affected by the corporate name change.
As part of its strategy to build its presence in the late night bar sector, the group plans to invest £3m in transforming former Chicago Leisure sites into its new concept, Bar & Beyond, with the first site due to open in Chelmsford later this year.
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It has also continued to invest in its nightclubs estate, with more than £8.5m spent on major refurbishments across the UK.
This year, it plans to double its spend on developing its entertainment strategy, which has already included partnerships with comedy clubs Glee and Manford’s and a Student Big Night Out as well as a tour just announced with Jess Glynne.
“The Deltic Group is setting new standards in late night bars and clubs with well invested, stylish venues, high levels of customer service and unrivalled entertainment, to build our profile as the UK’s largest late night bar and club operator,” added Mr Marks.