Owners of Lincoln nightclub Pulse Ritzy Jumping Jack’s (JJs), went into administration after recording losses of £198 million in the year ending February 2011.

Luminar Group Holdings PLC claims to be Britain’s biggest club owner with 75 venues across the UK, including large brands such as Liquid, Oceana, Project, Fuzzy Logic, Love Social and Vibe.

Difficulties came after lenders Lloyds, Barclays and Royal Bank of Scotland refused to extend a period of leniency which ended on Thursday morning.

Head of Marketing at Luminar, Stephen Lynn, assures trading at the Lincoln venue will not be affected for the foreseeable future, despite administrators searching a buyer for the company.

Lynn said: “The clubbing estate will continue to run as usual with the Halloween weekend being one of the biggest of the year and the key Christmas period approaching”.

Pulse Ritzy JJ’s has been in the city for 30 years, in various forms, and won the Best Bar None award in 2008, a national award supported by the Home Office, aimed at promoting responsble management and operation of alcohol licensed premises.

The news comes just a month after Luminar confirmed the venue would not be affected by the freehold sale of the building that houses the Lincoln club.

Related Report: Financial Times