This is a general discussion thread on the trends and events in the Travel & Leisure sector. More to follow.
News this week that £LMR, the nightclub operator, has made a £35.7m capital increase through a placing and open offer at 95p, a near third discount to its closing price. Luminar said the funds would ease the pressure on its covenants on its existing banking facilities and enable it to buy ailing competitors in any of the more than 60 UK towns and cities it has identified as potentially appropriate locations. "We now have first mover advantage to acquire and develop sites at preferential rates. There are attractive property opportunities and development costs have reduced. Expansion at this time will extend our market penetration and gain further synergy and scale benefits. These investment plans will further position us well to take advantage of any improvements in the economic climate," chief executive Stephen Thomas said.
http://www.ft.com/cms/s/0/0a5b9fce-7d6a-11de-b8ee-00144feabdc0.html
