THE UK’s largest nightclub owner has plunged into administration, placing up to 3000 jobs at risk.
Luminar, which owns Edinburgh’s Lava & Ignite venue along with nightclubs across Scotland, had to call in administrators after lenders Lloyds, Barclays and RBS said they would not extend a period of leniency any longer.
The firm said youth unemployment was a major factor in the downturn.
Sales dropped by nearly 20 per cent due to the fact that clubbers aged between 18 and 24 have so little to spend on nights out.
Shares in the group have been suspended, although Luminar would not say exactly when administrators will take over the running of the firm.
Recent figures showed the group recorded huge losses of £198 million.
Lava & Ignite, on West Tollcross, opened in 2005 after a £1m redevelopment of the Cavendish nightclub.