Bar and nightclub operator Luminar is to make a second bid to sell its entertainment division, which includes the Jumpin’ Jaks and Chicago Rock Café brands.

The 74-unit entertainment division, thought to be worth around £110m, contributed to a fall in the group’s pre-tax profits to £45.6m in the year to 2 March from £52.6m for the same period in 2005.

A spokesperson for Luminar said: “The company has concluded it does not believe that the entertainment division forms part of its future strategy of late night, branded units.”

Overall, the company reported a rise in turnover to £296m from £288m in 2005, but has said it will sell or demerge the entertainment division as soon as is practical and return the net cash proceeds to shareholders.

Luminar also announced an additional £70m share buyback programme over the next three years.

The company reduced its net debt by £50m to £115m and the final dividend rose 10 per cent to 10.74p, giving a full year dividend of 15.18p.

Luminar also plans to rebrand 70 per cent of its Dancing venues, to its core Oceana, Liquid, Lava and Ignite brands.

Also announced was chair Keith Hamill’s decision to step down at the end of the year, citing pressure from other commitments.