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Nightclub firm Luminar in administration | |
(40 minutes later) | |
A nightclub company which owns 75 venues, including one where a student died in a crush, has gone into administration. | |
Luminar Group Holdings PLC, which claims to be the UK's largest club owner, said it was unable to meet some of its bank repayment obligations. | |
Shares in the group, which employs 3,000 staff, have been suspended. | Shares in the group, which employs 3,000 staff, have been suspended. |
Nabila Nanfuka, 22, from London, died in hospital after the crush at Lava Ignite in Northampton on 19 October. | |
Luminar's payments to Lloyds, Barclays and Royal Bank of Scotland are due on 27 October. | |
The company recorded losses of £198m in the year to the end of February as sales dropped by 19% to £137m. | |
Licence suspended | Licence suspended |
Earlier this year its lenders agreed to waive banking covenants on a temporary basis. | Earlier this year its lenders agreed to waive banking covenants on a temporary basis. |
But the business has been unable to turn itself around as the economic slump hits the spending power of its predominantly young customer base. | But the business has been unable to turn itself around as the economic slump hits the spending power of its predominantly young customer base. |
Luminar states on its website that it has the largest square footage of nightclub capacity in the country. | Luminar states on its website that it has the largest square footage of nightclub capacity in the country. |
As well as the Lava Ignite brand, it owns Liquid, Oceana, Project, Fuzzy Logic, Love Social and Vibe. | As well as the Lava Ignite brand, it owns Liquid, Oceana, Project, Fuzzy Logic, Love Social and Vibe. |
The Milton Keynes-based group recently put itself up for sale but only received offers for part of the business and said these were not sufficient to generate returns for shareholders. | The Milton Keynes-based group recently put itself up for sale but only received offers for part of the business and said these were not sufficient to generate returns for shareholders. |
Lava Ignite in Northampton had its licence suspended by Northampton Borough Council on 20 October, pending a police investigation into the crush which killed Ms Nanfuka. | |
A 19-year-old woman, also from London, remains in a critical condition following the incident. | A 19-year-old woman, also from London, remains in a critical condition following the incident. |