One of our most cherished seaside icons, Brighton Pier, has been sold to serial entrepreneur and ex-Pizza Express boss Luke Johnson for £18 million.
Designed by civil engineer and architect, Richard St George Moore, building began in 1891.
And the grand opening of ‘Brighton Marine Palace and Pier’ was on the 20th May1899, having cost a staggering £137,000 to build.
Famous for its fairground rides, traditional fish and chips and arcade amusements, the pier is the fifth most popular tourist attraction in the UK, with over 4.5 million visitors in 2014 according to Visit Britain.
It also holds a place in British culture, heritage and film and has been the backdrop for countless films, television programmes and music videos.
The pier was up for sale in 2011, but it was withdrawn a year later, despite the owners being inundated with offers.
Johnson’s bar group, Eclectic, who also own Brighton clubs: Coalition, Dirty Blonde and Lola Lo entered into a conditional agreement to acquire Pier from the Noble Group earlier this month.
As executive chairman of Eclectic, Johnson said:
“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.”
Noble bought the structure from the Brighton Marine Palace and Pier Company in 1984.
In 2000, despite controversy and opposition from the National Piers Society, the group changed the name from ‘Palace Pier’ to the simpler ‘Brighton Pier’ and it has been known by that name for the past 16 years.
Since Eclectic’s acquisition, the name has once again become the topic of debate and pressure is mounting for Johnson to rename the pier.
Brighton and Hove City Council leader, Warren Morgan believes that the original name was a “valuable part” of the cities heritage.
“"It's good that we hold on to some of the things that people remember from years gone by, some of our heritage, our history, and keeping the Palace Pier name is one way of doing that." he said.
A petition launched by the Argus as part of their 2011 campaign ‘Put the Palace back in our Pier’ has also gained over 2000 supporters.
However, the new owner has said that he is “undecided” about whether to restore the old name.
"I think we need to listen to what people's views are and react appropriately." said Johnson.
"Piers are about heritage and history and tradition, so I understand the affection people have for the old name."
"Everyone has been on the pier, everyone has memories of it, so I think it belongs to the country in a sense - not just Brighton, and not just us."
Johnson currently has no plans to change the attractions on the pier and Eclectic will be searching for more unique investments to branch out from bar ownership
The purchase of the “iconic British asset” will immediately increase his earnings and the extra revenue generated from the pier would help to fund the groups ‘further acquisitions across the leisure and entertainment sector” said Johnson.
The deal is subject to shareholder approval, with plans fund the acquisition by raising at least £8.5 million through share placing and £13 million in debt financing from Barclays.
"There are an extraordinary number of people who visit it and it's a free attraction, so we want to look at how we encourage people to go on the rides and use the bars and restaurants there."
However, they do aim to increase the attractions performance in the quieter months like December, through looking at activities and events around the festive season.
