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NEWS ARCHIVE
Luminar DJs Left Out In The Cold?
Luminar Entertainment, owner of the Oceana, Liquid, and Lava & Ignite nightclub chains may have to close their 75 venues as directors have been forced to place the company into administration.
Financial backers Lloyds TSB, Royal Bank of Scotland and Barclays have opted not to extend the ailing company’s debt facility, a decision which puts 3000 full and part-time jobs at risk just before Christmas. Another blow to the youth unemployment rate which is already at its highest level since 1992. Closure of Luminar’s chain of venues will affect hundreds of DJs and is also likely to have a detrimental effect on the night-time economy of many towns where the Luminar club is currently the biggest draw for revellers.
The downfall of Luminar started back in 2005 when late-night licensing was introduced and bars/pubs became much cheaper competition to Luminar venues whose weekend entry fees can reach £10.00. Despite taking in over 11 million clubbers per year, Luminar has now racked up debts of almost £100million and shares crashed in September when a buyer for the chain couldn’t be found. Luminar is hoping that the administrators will keep the clubs open until they find a buyer, which leaves DJ jobs secure for the time being, however those in office positions could be out of a job within days.
Financial backers Lloyds TSB, Royal Bank of Scotland and Barclays have opted not to extend the ailing company’s debt facility, a decision which puts 3000 full and part-time jobs at risk just before Christmas. Another blow to the youth unemployment rate which is already at its highest level since 1992. Closure of Luminar’s chain of venues will affect hundreds of DJs and is also likely to have a detrimental effect on the night-time economy of many towns where the Luminar club is currently the biggest draw for revellers.
The downfall of Luminar started back in 2005 when late-night licensing was introduced and bars/pubs became much cheaper competition to Luminar venues whose weekend entry fees can reach £10.00. Despite taking in over 11 million clubbers per year, Luminar has now racked up debts of almost £100million and shares crashed in September when a buyer for the chain couldn’t be found. Luminar is hoping that the administrators will keep the clubs open until they find a buyer, which leaves DJ jobs secure for the time being, however those in office positions could be out of a job within days.
