Luminar Nightclubs Saved from Going Under
Luminar, the nightclub chain who were recently facing administration and the potential of losing up to 3,000 jobs, has been saved from going under by industry veteran and former Luminar managing director, Peter Marks.
He joined up with Alex Geffert of Ice Planet and entrepreneur and nightclub owner Joe Heanen and together they bought out the 64 strong nightclub chain that fell into administration after a winding up order from HMRC.
Luckily there was no need for an insolvency practitioner to come in where Luminar were concerned, as they had already put into administration. They fell into administration in October with debts of around £85m and with 3,000 jobs hanging in the balance this almost certainly looks like a good move for the company.
The group are supposed to be considering running the nightclubs over the Christmas period and then assessing the situation and putting the ones which are “bottom-end” units on the market.
Speaking about the future of Luminar, Mr Marks said: “Luminar has a lot of good people and with hard work, the right financial structure and an investment programme the company can look forward to a great future,”
If you would like to find out more about what happens when a company goes into administration, or if they are facing it then you should pay a visit to the Real Business Recovery website and see what they can do to help you!