NIGHTCLUB operator the Luminar Group – which was in administration less than five years ago – has announced rising profits and a change of name.

The company, which operates Oceana in Southampton, enjoyed its third consecutive year of growth, with pre-tax profits of £3.7m.

Luminar, which employs 3,000 people and operates 58 nightclubs, said profits were up 18 per cent in the 53 weeks to the end of February, with turnover at £93.3m.

It is to rebrand its business as the Deltic Group, though the names of its clubs and bars will remain.

Luminar was in administration in October 2011 after breaching its banking covenants. It blamed youth unemployment, the smoking ban and later opening at pub competitors as factors contributing to a £198m loss. It was bought for £45m by a trio of leisure specialists.

Chief executive Peter Marks said: “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.”

The company said the new name came from the Greek letter Delta, associated with change.

It said it was committed to creating the UK’s premier late night bar and club business, concentrating on new concepts and investing in its estate.

It added that it had invested more than £8.5m in its estate.

It said spending at its venues was so far up 50 per cent in 2014.

Mr Marks added: “The Deltic Group is setting new standards in late night bars and clubs with well invested, stylish venues, high levels of customer service and unrivalled entertainment, to build our profile as the UK’s largest late night bar and club operator.”