UK bar operator Luminar has rebranded its business in a move that will see it become known as the Deltic Group and kick-start a significant period of store investment.
The company, which is behind outlets such as Chicagos and Kuda, insists it is the “perfect time” to rebrand after unveiling an 18% increase in profits last year.
The company, which employs 3,000 people and operates 58 venues nationwide, delivered pre-tax profits of £3.7m in 2014 on sales of £93m.
Peter Marks, CEO of the chain, insists the company is entering a new corporate chapter with a solid financial platform in place.
“At the time of acquisition, the board’s focus was on stabilising The Luminar Group and developing a clear strategy for growth. The company has now delivered its third year of growth, with its strategic focus on investing in its estate, people and entertainment to create great nights out for its customers, delivering strong results.
“The acquisition of eight sites from Chicago Leisure in 2014 marked a change in direction, with plans to develop a late night bar business to complement our existing nightclub offer. As such, the time is now right to change the company’s name to reflect its future strategy.”
Luminar chose the name Deltic (from the Greek letter Delta associated with ‘change’) to signify change.
The company says it has already undergone significant change to refocus its business and the move to Deltic signifies its commitment to create the UK’s premier late night bar business.
As part of its strategy to widen its exposure in the late night bar sector, The Deltic Group plans to invest £3m in transforming former Chicago Leisure sites into its new concept, Bar & Beyond, with the first site due to open in Chelmsford later this year.
Luminar has continued to invest over £8.5m in its estate with major refurbishments at sites in Leeds, Brighton, Cardiff, Swansea, Hanley, Ashford and Preston.
Future plans include a £3m refurbishment of premises in Basildon and further investments in Ipswich, Oxford, Andover and Camberley.