Luminar enters administration
Nightclub operator Luminar has collapsed into administration just weeks after a partygoer died at its Northampton site.
The company announced last night (26 October) that it had temporarily suspended trading on the Stock Exchange.
Luminar, based in Milton Keynes, operates 70 nightclubs across the UK under brands including Oceana, Liquid and Envy.
Its licence at Northampton venue Lava & Ignite was suspended earlier this month after a 22-year-old student was crushed to death while attempting to exit.
According to reports, the company fell into administration with debts of about £87m. The plug was finally pulled yesterday when three of its bank lenders refused to bail it out. Up to 3,000 jobs are now thought to be at risk across the country.
Luminar said: "Accordingly, the directors have no option but to take steps to place the company and certain of its subsidiaries into administration."
