Luminar looks good thanks to the ‘weekend millionaires’

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That's good news for nightclub operator Luminar, which owns the Oceana, Liquid and Jam House brands.

Today the group said trading is on the up, suggesting that consumers are getting more confident about prospects for themselves and the economy.

Stephen Thomas, the chief executive who coined the term weekend millionaires to describe his typical punter — a 20-something with no mortgage and a few quid to spend on Friday night — can claim to have had a good recession. In the 18 weeks since the end of February, revenue is up 0.7%.

Drink prices that had been slipping are now rising.

"Retail prices for drinks have now stabilised and are on a rising trend," said the statement.

"The group is confident that, given the strength of the estate, together with operational and marketing expertise and a well-trained workforce, it will continue to outperform competitors," Luminar added.

Footfall was 1.2% higher than for the same period last year, but the market remains tight.

"Trading conditions in the late night sector are very competitive," warned the group.