One of Britain's most iconic seaside landmarks, Brighton's Palace Pier, has been officially put up for sale. The decision comes after the attraction's owner, the Brighton Pier Group (BPG), grappled with falling visitor numbers, declining profits, and a sharp rise in operational costs.
A National Treasure Seeks New Stewardship
The Grade II-listed pier, which first opened in 1899, is now seeking a new owner. BPG, which acquired the structure for £18 million in 2016, has appointed the estate agent Knight Frank to handle the sale. The group's chief executive, Anne Ackord, stated they hope to secure a buyer by the coming summer, framing the sale as a chance to shape the future of a "national treasure."
"This is more than just the sale of an asset," Ackord emphasised. "It is an opportunity to become part of the next chapter in a remarkable story." The 540-metre pier, a backdrop for films like Brighton Rock and Quadrophenia, traditionally draws over 4 million visitors annually but has faced significant headwinds recently.
Financial Pressures and a Challenging Climate
The leisure group's accounts reveal a stark picture of the challenges. The pier reported a 4% like-for-like sales fall in 2024, with annual profits plummeting from £1.7 million to just £300,000. Ackord cited "very difficult trading" conditions, with costs surging by approximately 50% in recent years.
Two consecutive summers of poor weather were blamed for part of the downturn. In response, BPG introduced an admission fee for non-residents: £1 in 2024, which was then doubled to £2 this March. The company said this charge had helped partially offset the decline in footfall.
Despite the struggles, Ackord maintains the pier is still a "profitable, stand-alone business with significant potential." No official guide price has been set, but the 2024 company accounts list a net book value of £13.7 million for the pier, landing stage, and deck, down from £17.3 million the previous year.
Strategic Shift for Brighton Pier Group
The proposed sale is part of a broader strategic shift for BPG, which is chaired by entrepreneur Luke Johnson. The group, which delisted from the AIM stock market last year, also owns several bars and mini-golf sites and is separately marketing the Lightwater Valley theme park in North Yorkshire for £3 million.
In a statement released in November, BPG said it was exploring the sale of assets due to an "extremely challenging trading environment," pointing to cost-of-living pressures that have forced consumers to cut back on discretionary spending. "The proposed sale of the pier forms part of our strategy to divest our leisure assets and return capital to shareholders," Ackord confirmed.
The sale process is now underway, with expectations of interest from both UK and international buyers. The future of this Victorian-era pleasure pier, a defining feature of Brighton's seafront for 126 years, now hangs in the balance as the search for its next custodian begins.
