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8 April 2016, 08:55 | Updated: 8 April 2016, 11:42
New Owners Eclectic Bar Group are buying Brighton Pier for £18 Million. They already own Coalition and Dirty Blonde in the city. The Noble Organisation have owned the Pier since 1984.
The Noble Organisation has today exchanged contracts to sell Brighton Pier to Eclectic bar Group Plc, an AIM listed business backed by Luke Johnson.
During our more than 30 years of ownership we have been both proud and privileged to have created an iconic British seaside attraction, making it the most visited attraction outside of London. Since we acquired the pier in 1984 the Noble Organisation has undertaken one of the biggest privately funded heritage restoration projects in Britain. We have enjoyed working with Brighton and Hove City Council and Visit Brighton and we'd like to thank them for their support.
The exceptional management team and staff on Brighton Pier will continue to run it to the high standards we have endeavoured to provide for more than 4 million visits each year. We are sure that the Brighton Pier will continue to thrive with the new owner under the direction of Luke Johnston.
Commenting on the Acquisition and the Placing, Luke Johnson, Executive Chairman of Eclectic said:
“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."
The sale is due to be completed by the end of April.