Nightclub operator Luminar has disposed of its 98-strong entertainment division – which includes the Jumpin’ Jaks and Chicago Rock Café brands – in a sale and leaseback deal with property group Prestbury and a newly-formed operating company, NewCo, worth more than £95m.

The deal consists of the sale of 19 freehold properties and one long leasehold site, as well as a 20 per cent share in NewCo, to Prestbury for £76.8m. NewCo will be run by the former entertainment division’s management team, which will pay £19m in deferred loan notes for a 31 per cent stake in the company, while Luminar will take a 51 per cent share.

The remaining clubs with shorter leases will be owned by NewCo.

The entire estate comprises 54 Chicago Rock Café sites, 13 Jumpin’ Jaks properties and 31 predominantly unbranded nightclubs which do not fit Luminar’s future strategy.

Stephen Thomas, chief executive of Luminar, said: “This transaction is the best possible outcome for shareholders, allowing us to be solely focused on branded destination dancing venues and accelerate our strategy.”

Luminar’s nightclub brands include Oceana, Liquid and Lava & Ignite. Details: www.luminar.co.uk