The UK’s largest nightclub operator, The Luminar Group, has assigned the last of its 42 short and long lease agreements, three years after being bought out of administration.
The company recently agreed a lease on Basildon and will move on to the Leisure Park, where it plans to invest circa £3 million to create a new state of the art club that will launch in August.
59 venues
The Luminar estate now comprises 59 venues across the UK, from market leading concepts PRYZM and Cameo to the well performing Oceana nightclubs and the newly acquired Chicago Leisure business.
Confidence of landlords
The Luminar Group’s chief financial officer, Russell Margerrison said: “We are pleased to confirm that we have assigned our final lease, as this marks the closure of one chapter in our book. The fact that we have been able to get all of these leases over the line demonstrates the confidence that landlords have in the performance of our business.
“Over the last two years, we have delivered consistent growth, with well-placed investment in our estate achieving exceptional returns and securing the financially stability of the business. Over the next 12 months we will continue to build on this success through a robust investment strategy and operational efficiencies.”
The average length of the lease agreements are circa 10 years.
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