After posting figures for the last financial year showing an 18% increase in profits and three years of consecutive growth, the Luminar Group has decided now is the perfect time for rebranding.
- EBITDA growth
- No external debt
- Investment programme
- Chicago Leisure acquisition
- Company rebrand
- Profit before tax £3.7m
- Turnover in financial year £93.3m
- EBITDA £11.4m
- Capital investment of £8.5m
Following a third consecutive year of growth, the UK’s largest nightclub operator, The Luminar Group has today announced an 18% increase in profits for the 53 weeks until 28 February 2015.
The company, which employs 3,000 people and operates 58 nightclubs and bars nationwide, delivered a profit before tax of £3.7m and an EBITDA of £11.4m.
With a strong financial platform in place, the company will today rebrand as The Deltic Group.
Commenting on the announcement, the company’s chief executive officer Peter Marks said: “At the time of acquisition, the Board’s focus was on stabilising The Luminar Group and developing a clear strategy for growth. The company has now delivered its third year of growth, with its strategic focus on investing in its estate, people and entertainment to create great nights out for its customers, delivering strong results.
“The acquisition of eight sites from Chicago Leisure in 2014 marked a change in direction, with plans to develop a late night bar business to complement our existing nightclub offer. As such, the time is now right to change the company’s name to reflect its future strategy.”
The Board chose the name Deltic (from the Greek letter Delta associated with Change) to signify change. The company has already undergone significant change to refocus its business and the move to Deltic signifies its commitment to create the UK’s premier late night bar and club business, concentrating on new concepts, investing in its estate and its people and creating compelling ‘Big Night Outs’.
As part of its strategy to widen its exposure in the late night bar sector, The Deltic Group plans to invest £3m in transforming former Chicago Leisure sites into its new concept, Bar & Beyond, with the first site due to open in Chelmsford later this year.
Luminar has continued to invest over £8.5m in its estate with major refurbishments at PRYZM in Leeds, Brighton and Cardiff, Fiction in Swansea and Hanley, and Cameo in Ashford and Preston. Future plans include a £3m refurbishment of its Basildon nightclub and further investments in Ipswich, Oxford, Andover and Camberley.
The company continues to develop its market leading entertainment strategy, with spend up 50% on 2014. Creating a compelling customer offer, this includes partnerships with premier comedy clubs, Glee and Manford’s, a Student Big Night Out and a tour just announced with Jess Glynne.
“The Deltic Group is setting new standards in late night bars and clubs with well invested, stylish venues, high levels of customer service and unrivalled entertainment to build our profile as the UK’s largest late night bar and club operator,” concluded Marks.