see all jobs
Luminar confident despite fall in profits
Nightclub owner and operator, Luminar, has announced a 3 per cent fall in its like for like sales and a pre-tax loss of £11m – largely caused by a £60m exceptional impairment cost.
The company blamed the results on the intense price war between a number of high street operators, following a fierce period of expansion during the last decade.
However, Luminar remains confident that it is one of the better performing businesses in the sector.
Stephen Thomas, chief executive, said: “Market conditions have remained challenging, but we have substantially outperformed our competitors and delivered a satisfactory result, given the circumstances.”
The company also looks to benefit from the probable change in the UK gaming law.
It recently entered into an agreement with French-based Accor Casinos to established a joint venture to operate a new concept of entertainment-based casinos.
Thomas said: “We have a identified a number of interesting opportunities to pursue, including the new exciting venture with Accor in the gaming sector, to leverage the quality assets within our businesses.”
More News
- News by sector (all)
- All news
- Fitness
- Personal trainer
- Sport
- Spa
- Swimming
- Hospitality
- Entertainment & Gaming
- Commercial Leisure
- Property
- Architecture
- Design
- Tourism
- Travel
- Attractions
- Theme & Water Parks
- Arts & Culture
- Heritage & Museums
- Parks & Countryside
- Sales & Marketing
- Public Sector
- Training
- People
- Executive
- Apprenticeships
- Suppliers