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.”