Luminar clubs losing out during recession

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The owner of the Oceana, Liquid and Lava & Ignite chains warned today trading has deteriorated, with like-for-like sales down 14% in the seven weeks to mid-October.

Chief executive Stephen Thomas said: "Our customer is in trouble, with youth unemployment running at around 18%."

For the six months to the end of August, pre-tax profits collapsed 42% to £4.9 million as 7.1 million customers went through its doors — half a million fewer than in the same period last year.

But Thomas has refused to offer "all-you-can-drink" deals to pull in the punters and warned that other clubs risked devaluing their brands with cheap drinks offers.

Luminar also took a £9.9 million impairment charge on the value of its 49% stake in 3D Entertainment, the owner of the Chicago Rock Cafe and Jumpin' Jaks chain.

3DE has reportedly appointed advisors to look at a possible sale.