Luminar's £9.9m loss in clubs sell-off

After the disposal, Luminar, with brands such as Oceana, Liquid and The Jamhouse, will own 90 clubs.

Luminar's sales have been hit by a slowdown in spending on nights out. It will pay Cavendish £800,000 as part of the deal.

The businesses being sold generated a loss before tax of £1.5 million for the last year after a £1.8 million loss the year before.

The disposal will result in a total loss to Luminar of £ 9.9 million.