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Luminar unveils brand plans
Bar, restaurant and late-night dance venue operator, Luminar, has outlined its future strategy of operating a portfolio of branded outlets.
In its results for the half year to 31 August, the company said it had finalised four branded dancing templates.
These – Oceana, Lava/Ignite, Liquid and Life – will operate alongside the existing Chicago Rock Café and Jumpin Jaks brands at 54 locations identified from 160 of the group’s sites.
Once the whole conversion programme is complete, Luminar’s total branded estate will consist of 174 units.
Of the sites not being rebranded, 43 in key locations will be retained for their long term licensing value and operated within the group’s dancing division.
The other 63, which do not fit Luminar’s re-branding criteria, will be transferred to a separate ring-fenced subsidiary.
Under an arrangement to come into force on 1 January, these will be run by a new management team on an entrepreneurial basis in order to maximise value for shareholders.
Regarding its half year results, Luminar said trading at the group has continued to be difficult, being affected by lower consumer demand and over-capacity in its area of operation.
Turnover rose 5 per cent to £199.9m and pre-tax profit – in line with expectations – dropped from £33.7m in 2002 to £27m. Total like for like sales were down 5.9 per cent, although this figure improved to –2.5 per cent across the core invested estate. Details: www.luminar.co.uk