The owner of the Palace Pier in Brighton has recovered £5 million of revenues lost as a result of having to close because of the coronavirus pandemic measures such as lockdowns.
Brighton Pier Group chairman Luke Johnson said that the final £900,000 pandemic insurance payout was received last Thursday (7 October).
And the Palace Pier took more than £1 million in a single week for the first time in its history in the August bank holiday week.
The company’s share price went up almost 25 per cent to 66p after the news was published in a trading update on Friday (8 October).
The update said that the group had performed “strongly” over the past quarter, with revenues of £15.9 million in the 13 weeks to the end of September.
This was a 44 per cent increase compared with the same period in 2019 – before any covid-related restriction.
The group said that revenues were boosted by “pent-up demand and disposable incomes that built up during lockdown” as more people took holidays in Britain amid global travel restrictions.
Chief executive Anne Ackord said: “The sales over this important 13-week trading period have been very strong across all divisions.
“I am particularly pleased at the contribution Lightwater Valley has made to the group’s results and to see all our bars back open and performing so well after such a long period of closure.
“It is also good to be able to report a new record, with the final bank holiday week of this summer being the first time in the pier’s history that it has achieved gross sales in excess of £1 million over a single week.
“Lastly, I want to thank everyone who works in the group for their contribution to these outstanding results.”
LIKE WHAT WE DO? HELP US TO DO MORE OF IT BY DONATING HERE.