Luminar leaves the dancefloor

NIGHTCLUB operator Luminar said yesterday it is entering administration proceedings, just a month after telling the market that trading at its Oceana and Liquid venues had stabilised.

Luminar said that Lloyds, RBS and Barclays had decided not to extend the waiver on certain covenants related to a three-year banking facility, meaning that the terms of the lending will be breached this morning.

“The directors of Luminar have no option but to take steps to place the company and certain of its subsidiaries into administration,” the company said.