The Palace Pier is up for sale as the owner wrestles with rising costs, lower footfall and a drop in revenues.
The Brighton Pier Group said: “The group is now actively exploring opportunities for the potential sale of some or all of the remaining assets of the group.
“The timeline for these processes is not yet certain.
“It is the view of the directors that sales processes, if successful, for these remaining assets is in the best interests of all of the group’s stakeholders.”
The company published its financial results today (Wednesday 5 November), reporting a fall in group revenues from £25.8 million to £26.4 million, with footfall on the pier down.
The entrance fee that was introduced in the summer last year brought in £663,000 in the year to Monday 29 December 2024, according to the annual report and accounts.
With costs rising, the group recorded an operating loss up from £1.4 million to £6.5 million and a pre-tax loss up from £2.4 million to £7.5 million.
The increase was partly because of a £4.3 million impairment charge for property, plant and equipment, reflecting estimated replacement costs.
But the report also blamed the adverse effects of another year of poor summer weather, fewer visitors and rising costs including national insurance and the national living wage.
The group consists of three divisions – the pier, Lightwater Valley Attractions, based around the Lightwater Valley Adventure Park, in North Yorkshire, and the golf division consisting of eight mini-golf sites.
There was a bar division which the company has also been in the process of selling.
The report breaks down the revenues of the pier division which totalled £14.9 million, down from £15.6 million in 2023.
More than half – £8.1 million – came from rides and other attractions, down from £8.8 million, while £5.9 million came from food and drinks, down from £6.6 million.
The £1 entrance fee, brought in during the summer for “non-local residents”, generated £663,000 – and went up to £2 in March this year.
The pier recorded earnings before interest, taxes, depreciation and amortisation (EBITDA) of £294,000, down from £1.8 million.
An operating profit of £1.4 million became an operating loss of £224,000 while the profit before tax, previously also £1.4 million, became a pre-tax loss of £4.3 million.
