Brighton Pier Group, which owns the historic Brighton Palace Pier and several leisure sites, is set to delist from the London stock market, citing ongoing financial challenges. The decision follows significant share price drops, attributed to factors like bad weather and rising costs. The group's chairman, Luke Johnson, stated that a thorough review concluded a return to private ownership would benefit the business. Shareholders will vote on the proposal on April 22, requiring a 75% approval to proceed with delisting scheduled for May 2, amidst a trend of declining listings in London's junior market.
Brighton Pier Group plans to cancel its listing on the London stock market, returning to private status due to challenging trading conditions and financial pressures.
The group has faced persistent difficulties since the pandemic, leading to cost-cutting strategies and asset sales, culminating in a proposed delisting that requires shareholder approval.
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