The owner of the Oceana and Liquid club brands has signed a three-year loan deal with Lloyds, Barclays and Royal Bank of Scotland.
The money should give it some breathing space to pay down debts and see if the new strategy from chief executive Simon Douglas is working.
Douglas is moving to modernise the clubs by linking up with the Ministry of Sound to improve music and Jongleurs to put on comedy gigs.
Luminar, which has debts of £89m, will be charged interest of 7.8 per cent on the loans and will pay £8m in fees to exit other finance deals.
Paul Hickman at Peel Hunt said: “This appears to be the banking agreement Luminar needed. It gives management scope to carry out the debt reduction the company needs.”
Luminar’s sales were falling by 17 per cent when it last reported in September.
The company has been hit by youth unemployment and increased competition from late opening bars. The new facility comprises two term loans of £44m and £40m repayable over three years and a revolving credit facility of £15m.
Finance director Philip Bowcock said: “We are pleased to have the continued support of
The shares ended flat yesterday at 14.75p.