One of Britain's most famous seaside landmarks, Brighton Palace Pier, has been officially put up for sale, ending months of speculation about its future. The Grade II* listed attraction, which first opened in 1899, is being marketed by estate agents Knight Frank after a decade of ownership by the Brighton Pier Group, chaired by serial entrepreneur Luke Johnson.
A Decade of Difficult Trading and Rising Costs
The decision to sell follows a challenging period for the pier, which welcomes around four million visitors a year. The Brighton Pier Group, which also owned Lightwater Valley theme park, cited a perfect storm of financial pressures. These include declining visitor numbers, a series of poor summer weather seasons, and significant increases in operational costs.
Specifically, the company pointed to hikes in the National Living Wage and National Insurance contributions introduced in the 2024 Budget by Chancellor Rachel Reeves. The group's most recent accounts painted a stark picture: revenue in 2024 fell 4% to £14.9 million, down from £15.6 million the previous year. More dramatically, earnings before interest, taxes, depreciation, and amortisation (EBITDA) plummeted to just £0.3 million, compared to £1.7 million in 2023.
This difficult trading environment led to the pier's book value being written down from £17.3 million to £13.7 million. The group had initially purchased the 1,722-foot-long pier for £18 million in 2014. In a bid to bolster finances, management introduced an admission fee for non-Brighton residents, now set at £2 for adults, which raised £0.7 million in 2024.
The Search for a New 'Custodian'
Anne Ackord, Chief Executive Officer of The Brighton Pier Group, framed the sale as a pivotal moment. "This is more than just the sale of an asset," she stated. "It is an opportunity to become part of the next chapter in a remarkable story and shape the future of this national treasure." She described the pier as a "profitable, standalone business with significant potential," but warned that any buyer would need "many millions" to secure it.
The sale process aims to find a new owner in time for the crucial summer trading period. John Rushby, partner at Knight Frank, highlighted the pier's unique position: "Positioned at the heart of the city, Brighton Palace Pier stands out as one of the country's most significant heritage landmarks, offering a rare opportunity for a new owner."
Tourism experts emphasise that the new owner must see themselves as a steward of history. Dr Anya Chapman, a seaside pier expert from Bournemouth University, told the Daily Mail: "Any owner who is going to buy one needs to agree with the fact that they aren't doing it to get rich. You buy one because you're invested in it... It's the most successful pier in the UK, the most Instagrammed pier in the country." She noted that maintenance costs for these Victorian structures, now over 125 years old, are perpetually rising.
The Wider Context of Britain's Piers
The sale of Brighton Palace Pier is part of a broader trend affecting Britain's coastal heritage. The UK was once home to around 100 seaside piers, but the National Piers Society estimates only half remain. Brighton Palace Pier is now on the market alongside others, including Blackpool North Pier and Totland Pier on the Isle of Wight.
Dr Chapman attributed the challenges facing piers to a drop in disposable income and the post-pandemic surge in overseas "revenge tourism," which has drawn visitors away from domestic resorts. The pier's troubles were also compounded by specific local events, including train strikes and a major fire at the Royal Albion Hotel opposite its entrance in recent years.
Brighton's pier has evolved significantly since its 1899 opening, transitioning from an entertainment complex with a theatre—demolished in the 1980s—to its current mix of 19 amusement rides, two large arcades, and food stalls. It was briefly renamed 'Brighton Pier' in 2000 before its original name was restored under Luke Johnson's ownership. It remains the city's only operational pier after the West Pier was destroyed by storms and fires.
The future of this iconic structure, featured in films from 'Quadrophenia' to Stormzy's 'Big Man,' now rests on finding a buyer with the capital and commitment to act as its next custodian, preserving it for future generations of visitors.
