By Clive Ince
In the early years of the new millennium the Luminar Group was a major player within the UK nightclub and leisure sector operating, at its peak, over 300 venues across the country.
Between 2005 and 2007 a fundamental restructuring took place largely to address market challenges including the liberalisation of pub opening hours and the impending smoking ban. Many of the club premises were transferred out of the Group which redefined its core business and, in doing so, became cash rich and so returned substantial capital to its shareholders.
But during 2008 the nightclub industry began to feel the chill winds of the dramatic economic downturn arising from the banking crisis…