Summary
Brighton Palace Pier, a 126-year-old historic site in the UK, is up for sale. The Brighton Pier Group decided to sell the pier to provide good returns for its shareholders after facing tough trading conditions. The sale is expected to be completed by summer, with no public price disclosed.
Key Facts
- Brighton Palace Pier is a Grade II* Listed structure that opened in May 1899.
- The pier is being sold by the Brighton Pier Group, which bought it in 2016 for £18 million.
- The group decided to sell due to challenging trade conditions and declining tourism in Brighton.
- CEO Anne Ackord stated that while the decision was difficult, their duty is to shareholders.
- The group introduced a £1 entry fee for non-residents in 2024, later doubling it to £2 in March.
- Revenues fell, with like-for-like sales dropping by 4% in 2024 compared to 2023.
- The pier might have new owners by the summer, coinciding with its busiest period.
- The group is also selling another property, Lightwater Valley theme park, for £3 million.
