Romford’s Liquid & Envy on the rocks?
PUBLISHED: 15:03 29 September 2011
The future of Liquid & Envy in Romford has been thrown into doubt after its parent company put itself up for sale, it was revealed this week.
Luminar, which owns Liquid & Envy in South Street, has so far received some offers to take over the company, but said none were sufficient.
The announcement comes as the group’s shares plunged more than 50 per-cent on Tuesday.
Luminar is the biggest nightclub owner in the UK, running more than 70 venues across the country including Liquid & Envy, Oceana and Lava & Ignite.
However the company has also been battling against falling trade, with losses hitting £198 million in the year to the end of February. Sales also dropped by 19 per-cent to £137 million.
The group was already thrown a lifeline in August by its banks – Llyods TSB, Barclays and the Royal Bank of Scotland – who have now granted a second extension to waive a loan test.
A Luminar Spokesman said: “The bids received to date are at a level which, if accepted, would not realise any value for ordinary shareholders.”
It has not received any bids for the whole company.
However the company revealed it had recently sold its Liquid & Envy club in Newcastle for £1.2-million.
The group said trading had largely stabilised since August 25, with like-for-like sales for the three weeks to September 24 down 6per-cent. It last reported a 11.7% decline in like-for-like sales in the 25 weeks to August 20.
Luminar added it had sold its club in Newcastle for £1.2 million.
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