A consortium of leisure industry businessmen - Peter Marks, Alex Geffert and Joe Heanen - have acquired beleaguered nightclub operator Luminar in a deal reportedly worth £45m.

The owner of the Lava and Ignite; Oceana; and Liquid club brands entered administration in October after lenders refused an extension to its banking facility covenants.

Administrators from Ernst and Young were appointed to oversee the running of the business and have now completed the sale of Luminar assets in a move expected to save 3,000 jobs.

Marks, a former Luminar executive, was quoted by the Press Association as saying: "The bulk of the estate is performing well, as are other privately owned club and bar businesses.

"Luminar has a lot of good people and I am certain that with hard work, the right financial structure and an investment programme the company can look forward to a great future."

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