Luminar has announced its intention to divest its entertainment division – which includes the Jumpin’ Jaks and Chicago Rock Café brands – by selling off its freehold properties on a sale and leaseback basis.

Luminar will then sell the operating business to a third party but retain a minority stake and some of the proceeds from the deal will be returned to shareholders.

Certain nightclubs in the group’s late-night dancing business that do not fit the firm’s strategy will also be sold separately on the same basis.

The announcement follows the company’s results for the half year ended 31 August 2006, which showed a drop in pre-tax profit from £21.1m to £17.9m.

Nightclubs in the Luminar portfolio include the Liquid and Oceana brands. Details: www.luminar.co.uk