NOTE: This content is old - Published: Wednesday, Oct 26th, 2011.
The parent company of the Liquid & Envy nightclub chain has today entered administration after it failed to meet the banks’ demands.
Luminar Leisure operates 75 nightclubs across the UK including Liquid and Envy on Brook Street, Wrexham.
A spokesperson for Luminar has said that Liquid and Envy in Wrexham will be put up for sale and insisted that the club would not be affected by its parent company going into administration.
He said that the nightclub, which has stood on Brook Street since 2003, will remain open for the foreseeable future until a buyer is found.
Earlier in the year Luminar, which employs 3,000 staff, announced annual pre-tax losses of £1.1 million for the year ending 26th February 2011.
The company had planned to restructure its late-night business, however, today Luminar announced that the company had no option but to enter administration after Lloyds TSB, Barclays and the Royal Bank of Scotland refused to extend a waiver, meaning that they would need to make repayments to the banks on October 27th.
Subsequently the directors said that they would have to take the company into administration with immediate effect as they were unable to issue the company’s half-yearly financial report covering the first six months of the financial year as required by the Disclosure and Transparency Rules.
Shares in the company have been suspended with immediate effect.
More to follow.