Luminar seals new £99m finance deal from banks to keep business moving

first_imgThursday 9 December 2010 7:13 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Herald Show Comments ▼ KCS-content whatsapp Sharecenter_img whatsapp NIGHTCLUB business Luminar yesterday confirmed a £99m injection from banks.The owner of the Oceana and Liquid club brands has signed a three-year loan deal with Lloyds, Barclays and Royal Bank of Scotland.The money should give it some breathing space to pay down debts and see if the new strategy from chief executive Simon Douglas is working.Douglas is moving to modernise the clubs by linking up with the Ministry of Sound to improve music and Jongleurs to put on comedy gigs.Luminar, which has debts of £89m, will be charged interest of 7.8 per cent on the loans and will pay £8m in fees to exit other finance deals.Paul Hickman at Peel Hunt said: “This appears to be the banking agreement Luminar needed. It gives management scope to carry out the debt reduction the company needs.”Luminar’s sales were falling by 17 per cent when it last reported in September.The company has been hit by youth unemployment and increased competition from late opening bars. The new facility comprises two term loans of £44m and £40m repayable over three years and a revolving credit facility of £15m. Finance director Philip Bowcock said: “We are pleased to have the continued support of our banks.”The shares ended flat yesterday at 14.75p. Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap Luminar seals new £99m finance deal from banks to keep business moving Tags: NULLlast_img

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