Struggling Luminar under the weather

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Shares in the company behind the Oceana and Liquid clubs have crashed from almost £2 to just 16p in the past two years as customers gave up dancing and headed to late-night bars instead.

Douglas is trying to reinvent the clubs with live music and comedy gigs — an uphill task, City analysts believe.

In the three months to January revenues fell 19.4% — a "reduction in the decline in sales", said Luminar. Sales were down a less damaging 13.6% "excluding those weeks affected by the weather".

"Customer reaction has been positive to the introduction of various initiatives including premium brands, cocktails and live entertainment," said Douglas.

Panmure Gordon called the trading statement "disappointing". The broker cut its profit forecasts to £22.5 million, and said the shares are worth no more than 6p.

In light of the Luminar numbers, Seymour Pierce reduced its rating on pub chain JD Wetherspoon.

In a note to investors, Deutsche Bank estimated that the snow could have caused up to £750 million of lost sales across the pub, restaurant and café sector.