Birmingham's nightspot The Jam House will not be sold, leisure group Luminar confirmed yesterday .
In March the company, which has been undergoing a strategic review of its bars and clubs, said that the future of the live music venue was in question.
However, on the day that Luminar issued its final results, a spokesman said that The Jam House was an " excellent venue" and that it would remain part of the group's core bars.
Shares in the Luminar rose yesterday, despite a gloomy 13 per cent drop in annual profits, as shareholders anticipated a recovery in current trading.
Luminar was forced to sell a number of its nightclubs after rising interest rates and cooling house prices pinched consumer spending.
Since the announcement of its strategic review, Luminar said it had received a number of approaches which may lead to the disposal of its entertainment division, which includes the Chicago Rock Cafe and Jumpin' Jaks bar chains.
Luminar has said it would write off £50 million on the value of the division's assets after it turned in an unsatisfactory performance over the past year.
Luminar said market conditions in the first ten weeks of the current year "remain poor", though trading shows signs of stabilising with flat like for like sales in its core business, and margins broadly neutral.
The group also announced the appointment of Nick Beighton as finance director.
Mr Beighton is currently business change and IT Director of discount retailer Matalan, where he was previously head of finance.
The bar and nightclub operator, said profit before tax, exceptional items and goodwill amortisation, fell to £54 million in the year to March 31 from £62 million the prior year on sales down 6.2 per cent to £375.1 million.
On that basis financial analysts had forecast profit of around £53.5 million.
The company is proposing a
9.76 pence final dividend, which would give a full-year payout of 13.79 pence, up 10 per cent.
After amortisation of £ 13 million, against £13 million a year ago, and an exceptional loss of £55 million, against £60 million last time, pre-tax loss for the year was £ 14 million, against £11 million.
Chief executive Stephen Thomas said: "This is the year of transition for Luminar.
"We're focusing our estate to play to our strengths - managing the country's leading group of late night venues.
"Whilst like-for-likes are showing signs of stabilising we've still got a great deal to do, but Luminar is strong where it matters - financially, in its brands and its operating skills."
