The company - the owner of the Oceana, Liquid and Lava & Ignite chains - saw comparable sales plunge 9.9 per cent in the year to February 25, compounded by the snow and adverse weather in the last two months.

It has now launched a "rigorous" cost cutting programme to slash operating expenses over the year ahead.

Luminar, which issued a profits warning in January, hopes last month's appointment of former Zavvi boss Simon Douglas as chief executive to replace founder Stephen Thomas will "bring focus" to the firm.

It said: "Trading during the last two months of the year continued to be severely affected by persistent poor weather across most of the UK."

"A rigorous cost reduction exercise has now commenced across the business and is expected to lower operating costs significantly in the next financial year, whilst ensuring focus on key trading priorities," added Luminar.

Luminar runs 90 entertainment venues across the UK. It has been hit hard by the recession as clubbers cut back on going out and their spending.

The group, headquartered in Milton Keynes, said its slump in sales was the direct result of lower customer numbers, although sales per customer and profit margins were maintained at levels seen the year before.

Luminar said costs were being slashed across the entire business to help offset its trading woes.