Mon 9th Feb 2015 - Luminar completes lease assignments Luminar completes lease assignments: 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. The Luminar estate now comprises 59 venues across the UK, from new concepts Pryzm and Cameo to the larger Oceana nightclubs and the newly acquired Chicago Leisure business. 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 is circa ten years. Last May, the reported a profit before tax of £3,401,000 (2013: £1,326,000) and Ebitda of £9,719,000 (2013: £6,479,000 post non-recurring costs) for the 52 weeks to 22 February 2014. Turnover was £88,263,000 compared to £89,851,000 the year before. Profitablity was aided by a circa £2.5m reduction in administrative expenses. Last July, Luminar chief executive Peter Marks told a Propel Multi Club Conference that the company had slimmed down head office ‘in one hit ‘and invested in its nightclubs and people in the post acquisition period – the average age of a Luminar nightclub on acquisition was six years and seven months. At the time, the 30% of clubs that have seen investment were producing at extra £57,000 per week of takings, while the 70% of nightclubs so far uninvested were £100,000 a week down. Luminar overall sales would start to rise in overall terms once 50% of the estate is refurbished, he added.