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Article: Luminar sells 26 non-core units for 5 [pounds sterling].(News: Cinema & entertainments)(Brief article)
- Article from:
- Leisure Report
- Article date:
- May 1, 2008
CopyrightCOPYRIGHT 2008 William Reed Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Luminar, Britain's biggest nightclub group, has announced the disposal of a swathe non-core units to Cavendish Bars Limited.
The late-night operator has shorn itself of 26 nightclubs, which last year produced pre-tax losses of 1.5m [pounds sterling], and also the liabilities for leasehold sites sold to CanDu and 3D Entertainment, which will cross over to Cavendish.
Cavendish will purchase five different companies for 1 [pounds sterling] each.
Analysts at Panmure Gordon said the transaction came at exceptional cost to Luminar of 9.9m [pounds sterling] to the income statement, of which 6.6m [pounds sterling] was cash. These costs include reverse ...