Luminar, the nightclub operator behind the Oceana and Liquid brands, has announced that it is to curb the number of new clubs it planned to open by 2010 after a rough 2007.

The company’s share fell 7.7 per cent to 269 pence – the lowest for five years –- however, according to its results for the year to the end of February, like for like sales in its branded clubs went up 4.8 per cent, and that the results were in line with expectations.

Luminar said that it intended to reduce its expansion plans and only focus on sites in “prime target towns that are expected to deliver excellent returns”.

The company is now aiming to have a portfolio of 110 units by 2010, of which over 70 will be branded. Back in October, the group had planned to own 120 nightclubs in the course of 2009, of which it expected some 80 to be branded.