Nightclub operator Luminar has offloaded the 49 non-core properties in its Candu Entertainment division for £27m, to a purchasing vehicle, run by Tim Roberts and Craig Grant and backed by Close Brothers.

Luminar, which reported pre-tax losses of £14m in May, has previously announced its intention to focus on a portfolio of high-quality branded venues – Oceana, Liquid, Life and Lava & Ignite – and identified 63 non-core units operating under its Enterprise Division for disposal.

Twelve have already be sold for a total consideration of £12.2m and a further two will be disposed of separately.

In the year to February 2005, the Candu properties generated turnover of £45.6m, EBITDA of £5.7m and operating profit of £3m.

“This sale effectively completes our exit from the businesses in the Enterprise Division,” said Stephen Thomas, Luminar chief executive.

“It will allow management to focus on the key steps in Luminar’s strategy of developing the branded estate and consolidating its position as the leading operator in the late night market.”