Thursday, 11 May 2000
After many months of merger talks, the Boards of Luminar and Northern Leisure have made a recommended offer of one new Luminar share for every four Northern Leisure shares, it was announced yesterday. The acquisition of Northern Leisure will make Luminar the leading operator in the theme bar, restaurant and discotheque markets, with 237 venues serving around 600,000 customers each week. Luminar is the owner of the world-famous Camden Palace and London Hippodrome nightclubs, as well as the Chicago Rock Cafe, Rhythm Room, Liquid and Jumpin' Jaks brands. The group will be valued at £585m.Five Northern Leisure executive directors will be appointed to the Luminar Board. Luminar chairman Michael Arnold commented: "There is an excellent strategic fit between the two businesses, and I am convinced that the Luminar management team, strengthened by our new colleagues, will ensure the success of this exciting opportunity to enhance shareholder value."