Member Article

Iconic Brighton Pier sold for £18m to London leisure group

Commercial leisure company Eclectic Bar Group plc has announced it is to acquire the iconic Brighton Pier for £18m.

The acquisition, which will see the London-based group acquire The Brighton Marine Palace and Pier Company, is to be funded through a new £13m debt financing agreement with Barclays Bank and a £8.5m conditional placing of new ordinary shares.

Brighton Pier is one of the UK’s most iconic landmarks and provides a range of potential opportunities in the leisure and entertainment sphere.

Drury Lane-based Eclectic, who are most well-known for the likes of Dirty Blonde and Po Na Na in the capital, have also announced that Chief Executive Rueben Harley will step down once the acquisition is complete.

Luke Johnson, Executive Chairman of Eclectic commented: “We are very pleased to announce the acquisition of Brighton Pier, one of the most iconic and instantly recognisable attractions in the UK. The pier is hugely popular with the British public and it occupies a special place as a landmark at the heart of Brighton.

“Brighton is one of the UK’s most popular visitor destinations with over 10 million visitors per year, making it the most visited place in the South East. The pier itself is Britain’s most popular attraction outside London. The pier has been well run and well maintained by the previous owners and we welcome Anne Martin and her first class management team to the newly enlarged Eclectic group.

“This acquisition represents the next stage in the group’s development, expanding the Company’s existing portfolio and using the enhanced Board’s diverse skillset to become a differentiated operator of leisure and entertainment assets.”