Late-night bar and nightclub operator, Luminar, has hinted at plans to combat receding sales by offloading its high-street bars business and halve its portfolio of 290 venues.

The move would mean that Luminar would become a focused nightclub operator and concentrate on expanding its existing brands which include Oceana, Liquid, Life and Lava & Ignite.

Reporting its pre-close statement for the year ending 28 February, the company said its Chicago Rock Café and Jumpin’ Jaks brands have not performed satisfactorily over the last year.

During the year, Luminar sold 15 properties, resulting in proceeds of £10m. It also said the planned disposal of 53 non-core Enterprise clubs is continuing and on track.

A company spokesperson said: “The board has decided to conduct a strategic review of the future of the two brands,including an assessment of the capital and management resources required to improve performance compared with alternative strategies.”

Chief executive, Stephen Thomas, said: “Over the two months we have made further good progress in reorganising the operations of the company to address our short term performance issues.

“We are making considerable changes to the company to ensure that it can compete effectively in the future and deliver value.”