Luminar Group finance boss quits
Robert McDonald is to quit his job as finance director of Luminar Group, the nightclub operator, at the end of next month to "pursue other interests".
The former Punch Taverns finance boss, who joined Luminar in April 2009, is to be replaced by Philip Bowcock, currently group finance controller of property group Barratt Developments. Bowcock will join Luminar on June 1, 2010.
The news of McDonald's departure came as Luminar revealed the full impact of the economic downturn on the late-night leisure business.
It announced pre-tax profits for the year to February 25, 2010 of £4.4m, down 78 per cent. After a write-down on its 49 per cent investment in 3D Entertainment - which went into administration earlier this year - Luminar posted a post-exceptional loss of £110.2m.
Turnover across its estate of 85 nightclubs was down nearly 10 per cent as youth unemployment, poor weather and a "highly competitive environment" took their toll.
Net borrowings had been cut by more than a third to £92.6m, with proceeds of last year's equity sale being used to reduce debt, rather than fund expansion of its estate.
Trading since the year-end continued to be weak, Luminar said, with same-outlet sales down nearly a fifth as the economic landscape remained "excpetionally challenging".
The group said it planned to address its cost base still further, beyond the £3m already taking out of head office, as well as selling off loss-making or low-prospect businesses.
