"The Grade II-listed pier, which opened in 1899 after three years of construction, was acquired by BPG for 18m in 2016. BPG, which also owns a number of bars and mini-golf sites, is chaired by Luke Johnson, the former boss of Patisserie Valerie and Pizza Express and the ex-chair of Channel 4, who owns more than a quarter of the shares. The company, which de-listed from London's junior Aim stock market last year, has appointed the real estate agent Knight Frank to handle the sale."
"The pier attracts more than 4 million visitors a year but BPG's accounts show that it has been struggling with visitor numbers, revenues and profits over the past few years. Ackord said that last year the group had faced very difficult trading and that costs had risen by about 50% in recent years. The pier reported a 4% like-for-like fall in sales in 2024, with the group blaming a second consecutive year of poor summer weather, as profits fell from 1.7m to 300,000 year-on-year."
Brighton’s 126-year-old Grade II-listed Palace Pier has been placed on the market after years of falling visitor numbers, rising costs and squeezed profits. Brighton Pier Group bought the pier for 18m in 2016 and is chaired by Luke Johnson, who owns over a quarter of the shares. The company de-listed from AIM last year and appointed Knight Frank to run the sale, expecting domestic and international interest. The pier draws over 4 million visitors annually but reported a 4% like-for-like sales drop in 2024 and profits sliding from 1.7m to 300,000. An admission fee for non-residents was introduced and later doubled.
Read at www.theguardian.com
Unable to calculate read time
Collection
[
|
...
]