Brighton Pier Group is “actively exploring” the sale of assets including Brighton Palace Pier, according to documents submitted to Companies House, as the group continues to endure declining sales across its bar and hospitality estate.
Brighton Pier Group is “actively exploring” the sale of assets including Brighton Palace Pier after reporting revenue for 2024 dropped from £26.4m to £25.8m, while pre-tax loss jumped from £2.8m to £7.8m as visitor numbers dwindled across key trading periods.
With like-for-like sales for the year so far also down 10 percent, the group has confirmed plans to offload the remains of its hospitality estate in order to meet its financial obligations, citing the negative impact of rising operational costs on the viability of the business.
“In the short-to-medium term, we expect the challenges in the consumer discretionary market to continue to negatively impact the hospitality and leisure industry, which has been further influenced by global economic uncertainty and changing consumer preferences,” said a statement from the board.
“As a consequence, the Group is now actively exploring opportunities for the potential sale of some or all of the Group’s remaining assets … These measures, combined with the cost-saving opportunities referenced above, will enable the Group to remain resilient in the face of an extremely challenging trading environment that appears set to continue in the short to medium term.”
Brighton Pier Group delisted from the London stock market earlier this year, and sold three of its premium bar sites, before last month placing the Lightwater Valley Family Adventure Park on the market for £3m.
Meanwhile, the landmark Palace Pier has continued to endure a contraction in overall visitor numbers, impaired further by the council’s disastrously managed and prolongued restructure of the road system directly in front of the attraction. Although an increase in the admissions charge from £1 to £2 in March was able to “partly offset” the decline in footfall, total sales of £12.2m for the last ten months were £800,000 lower than the same period in 2024.
BPG confirmed: “The subdued trading performance of the Pier was largely the result of lower footfall during the key summer period, driven by poor weather conditions and the necessary resulting rides closures, and a general downturn in tourism to Brighton.”
“In addition to the lower sales, trading performance was also adversely impacted by further cost increases, particularly in relation to wage increases and higher insurance premiums. These factors combined led to a £1.4m contraction in EBITDA in 2024, down from £1.7m in 2023.”
Tough trading
BPG Board said… “In the short-to-medium term, we expect the challenges in the consumer discretionary market to continue to negatively impact the hospitality and leisure industry, which has been further influenced by global economic uncertainty and changing consumer preferences…
