LUMINAR, the nightclub and ents venue group responsible for brands such as Oceana, Liquid and Lava, has gone into administration.
It is thought the collapse of the firm, which used to own the Jam House in Birmingham’s Jewellery Quarter, could cost around 3,000 jobs.
It shares on the London Stock Exchange suspended trading last night.
The firm operates Oceana clubs in Birmingham and Wolverhampton and Liquid in Stoke.
Luminar said: “The waiver of certain covenants in the company’s three year banking facility with Lloyds TSB, Barclays Bank and the Royal Bank of Scotland, originally granted on May 11, and subsequently extended, expires on October 27.
“During the waiver period, the company has continued to investigate longer term restructuring options in discussion with the banking group and other stakeholders.
“The banking group has informed Luminar it will not grant an extension to the waiver when it expires.
“The company is unable to meet certain of its repayment obligations to the Banking Group which fall due on October 27.
“As a result, it will also be unable to issue its half-yearly financial report covering the first six months of the financial year on a going concern basis.
“The directors of Luminar have no option but to take steps to place the company and certain of its subsidiaries into administration.”
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