95.5% take-up on Luminar share offer
Nightclub operator Luminar Leisure has announced a 95.5% take-up from shareholders on its plan to raise £35.75, through a new share issue.
On 31 July, the group said that it planned to raise £35.7m net of expenses via a firm placing and would issue almost 39.5m shares at 95p each.
A general meeting in order to secure shareholder approval for the share issue will be held today.
It has a target list of 60 towns in the UK where it would like to open a nightclub. Chief executive Steve Thomas said Luminar registered the highest cash generation per venue in the industry.
It averages £700,000 of Ebitda per site which compares to a JD Wetherspoon figure of just over £200,000 and a Mitchells & Butlers average of £240,000. "Our figure is probably around triple anybody else's," said Thomas.
The chief executive said the key to Luminar expansion was finding sites that offered the right square footage and location — an Oceana needs 40,000sq ft and Liquid requires 20,000sq ft.
Oceana, which trades at 13 sites, currently has a brand average Ebitda per venue of £1.3m. The Kingston site, which was the second to open, currently produces £3m of Ebitda per year.
Thomas added: "Luminar's always moved with the times and we're communicating with our customers better than ever — I think we're also in a better position than ever to deliver to customers across the week."
