Venues such a Oceana, Liquid and The Jamhouse all fall under the umbrella of the Luminar Group and are often used for corporate evnts.
Luminar currently benefits from a syndicated loan facility of £175m which extends until August 2012 and against which net borrowing is currently £92.6m.
This facility is subject to financial covenants which require net borrowings not to exceed three times the value of adjusted EBITDA.
The Group’s covenant test ratio was 2.6% at 25 February 2010, but the company’s recent trading has fallen below budgeted levels and the market continues to be volatile, according to its annual report.
"If these volatile conditions continue the directors have examined available mitigating actions through further cost reduction or retail price management," said Luminar company secretary Tim O’Gorman.
For the year ending 25 February 2010 the Group suffered a loss drop in profits to £4.4m from £20.3m the previous year.
"The directors are satisfied that adequate financial resources are available to the group within circumstances that can be reasonable foreseen," added O’Gorman.
"By focusing on the operational basics and embracing more modern marketing methods, we will engage and entertain our customers and ensure our offer remains relevant," said Luminar chief executive Simon Douglas.
"We are confident that this more focused strategy, well executed, will restore value to our shareholders over time."
Luminar Group also warned investors at the start of 2010 that profits could be hit because of the recession and poor weather suffered in the UK.
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