Luminar backed despite loss

Struggling British nightclub operator Luminar reported a full-year loss yesterday as sales continued to decline, and said its lenders had agreed to waive a key test of its banking covenants.

The company, which operates the Oceana and Liquid clubs, reported a pre-tax loss of £1.1m for the year to 26 February, in line with expectations, compared with a profit of £5.5m the year before. Luminar, which has issued a succession of profit warnings over the last two years, said its lending banks were continuing to be supportive and had granted a covenant waiver in respect of tests due at the end of May.