Club operator Luminar Holdings has updated on a tough second quarter ahead of today’s AGM.
The group said trading has been hit by the effect of carrying out 12 rolling refits, which reduced club capacity and led to a 2.4% drop in like-for-like sales during the 19 weeks under review.
The pre-AGM statement said: “A deteriorating macro-economic climate, markedly different weather patterns and Euro 2008 football all contributed to a sharp decline in footfall during the last nine weeks.
“This current financial year is set to be one of the most difficult in recent times for our consumers.”
Luminar said its 2008-09 development programme is “progressing well, with three new openings and 10 refurbishments since the year end”.
It added that it is on track to complete a further four rebrands and three refurbishments before the end of September.
Since the year end, Luminar has acquired one unit in Manchester for £0.5m proceeds as a reverse premium from the landlord, and disposed of 22 units, which includes the completion of 21 units sold to Cavendish Bars.
This brings the group’s portfolio to 97 locations, excluding units in development and sub-let units.
