Luminar parts with finance director as profits slump

13 May 2010 by
Luminar parts with finance director as profits slump

Nightclub operator Luminar Leisure has parted company with its finance director, as the company announced a pre-tax loss of £110.2m for the year.<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /?>

Luminar announced this morning that finance director Robert McDonald had decided to stand down as finance director and leave the group to "pursue other interests". McDonald will be replaced by Philip Bowcock who takes up the role on 1 June.

The loss at the company came in large part as a result of exceptional items totalling £127.8m following the collapse into administration of 3D Entertainment Group in February this year, in which Luminar holds a 49% investment.

Luminar said that, stripping out exceptional items, it had made a £4.4m pre-tax profit of £4.4m from continuing operations, down 78% from the £20.3m it made last year.

Meanwhile the company blamed a combination of youth unemployment, fierce competition and severe winter weather for a 9.9% fall in sales on a same outlet basis across its 85 clubs, including a 15.4% decline in the second half of the year due to lower customer admissions.

Luminar has also slashed costs, with operating costs reduced by £6m for the year and capital investment reduced to £4.2m, down from £38.1m in the previous year.

Despite the tough trading conditions, recently-appointed chief executive Simon Douglas said: "Whilst our marketplace remains challenging, we believe there is a substantial opportunity to leverage Luminar's many strengths. By focusing on the operational basics and embracing more modern marketing methods, we will engage and entertain out customers and ensure our offer remains relevant."

Luminar reports 10% fall in same outlet annual sales

](http://www.caterersearch.com/Articles/2010/03/12/332568/luminar-reports-10-fall-in-same-outlet-annual-sales.htm)

>>

[Eight Chicago Rock Cafe venues up for sale

](http://www.caterersearch.com/Articles/2010/03/10/332550/eight-chicago-rock-caf-venues-up-for-sale.htm)

>>

[Stephen Thomas to retire as Luminar chief executive

](http://www.caterersearch.com/Articles/2010/02/23/332343/stephen-thomas-to-retire-as-luminar-chief-executive.htm)

>>

By Neil Gerrard

E-mail your comments to Neil Gerrard here.

If you have something to say on this story or anything else join the debate at Table Talk - Caterer's new networking forum. Go to www.caterersearch.com/tabletalk

Caterersearch.com jobs
Looking for a new job? Find your next restaurant job here with Caterersearch.com jobs

[Blogs on Caterersearch.com](http://www.caterersearch.com/blogs) Catch up with more news and gossip on all Caterer's blogs
[Newsletters For the latest hospitality news, sign up for our e-mail newsletters.
The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.

close

Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking