PracticeAccounting FirmsLuminar ditches PwC as debt talks continue

Luminar ditches PwC as debt talks continue

Leisure group swaps PwC for KPMG as auditor while banking discussions persist

LEISURE GROUP Luminar has replaced PwC as its auditor with KPMG.

The group, which runs clubs under brands such as Oceana and Liquid, decided that a “fresh audit relationship would benefit the Luminar group going forward”.

This morning, Luminar announced an extension to its covenant waiver until 27 October. Its bankers, Lloyds TSB, Barclays and RBS, have agreed to the extension so the business can continue discussions aimed at restructuring its debt.

The banks will provide Luminar with “flexibility” in managing its liquidity during that time.

Same-outlet sales for the 25 weeks to 20 August were down 11.7%.

Luminar’s share price has fallen from 6p to 4.95p in the past week but was static on this morning’s trading.

For more companies and markets data, visit the Share Price Centre.

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