Luminar dances to new beat with Ministry of Sound and Jongleurs tie-ups

The firm, which operates the Oceana and Liquid clubs, has been battered by rising youth unemployment and changing tastes.

New chief executive Simon Douglas, who arrived in March, believes that by targeting a slightly older crowd and revamping the clubs' offers for students he can turnaround the business.

Students will be lured with sessions called "Fuzzy Logic" and dance music brand Ministry of Sound will play a more eclectic range of music.

Luminar has begun "a review of our DJs" to ensure that all customers' musical tastes are being met and will put on comedians supplied by Jongleurs between 7pm and 11pm, hours when the clubs would otherwise be largely empty.

Investors say the share price is already a bad joke - it plummeted as the recession bit and the company found its customers heading to late night bars or opting for a cheap night at home.

In the half-year to August, profit slumped from £5.2 million to £1.8 million. Revenues tumbled from £86 million to £68 million.

The debt pile is down a little to £85 million, an amounts that dwarfs the stockmarket worth of the company.

There was some respite today as the City digested Douglas's plan, conceded that it might work, and shoved the shares up 2p to 15.25p.

Douglas said he was at "the very beginning" of returning value to Luminar shareholders, but pledged "no more excuses".