Latest news with #BrightonPierGroup
Yahoo
02-04-2025
- Business
- Yahoo
Brighton Pier reveals plans to quit London stock market
The leisure group behind the 126-year-old Brighton Palace Pier has seen its shares slump as it became the latest firm to announce plans to delist and return to private hands. Brighton Pier Group – which also owns a number of bars and mini-golf venues – said it is planning to cancel its listing on London's junior Aim market, sending shares slumping by nearly 60% in Wednesday morning trading. The firm, which is chaired by former Pizza Express boss Luke Johnson, said the decision follows a 'careful review of the benefits and drawbacks' of its stock market listing. It said it believes delisting at the 'earliest opportunity' would be in the 'best interests of the company and the shareholders as a whole'. Investors will vote on the plans at a meeting on April 22 and if approved, delisting is expected on May 2. It marks the latest blow to the Aim market, which has been hit by a raft of firms delisting in recent years, with 92 firms leaving the market last year. Mike Ashley-backed Scalextric and model train firm Hornby last month revealed plans to go private, blaming regulatory hurdles and costs involved with a stock market listing. Brighton Pier Group said reasons for its plans to delist include 'disproportionate' annual costs of between £250,000 and £300,000 to maintain a listing, lack of liquidity in the shares, volatility in the share price, as well as changes in the small cap market since the company's flotation in 2013. It added that it would have more flexibility and be more nimble on decisions as a private company. Brighton Pier Group also said the move comes in light of increasingly tough trading and higher costs. It said: 'Over the past several years, the company has faced persistent challenging trading conditions, impacted by, inter alia, Covid-19, repeat bad weather during peak summer trading periods, recent significant Budget increases in National Insurance to commence from 6 April 2025, pressures on consumer discretionary spending and a change in consumer behaviours.' It has therefore been focusing efforts on 'cost savings, disposals of underperforming assets and health of the balance sheet, limiting its ability to invest in growing the business'. The group said results for the year to December 29 2024 where in line with expectations, while it added that recent trading had been boosted by last month's warm weather. It said March's better weather, combined with the introduction of the higher £2 admissions charge for non-residents, helped drive total sales at the Pier up £100,000 to £1.8 million so far this year. Trading in the bars and golf divisions has seen a slow start to the year, with total sales of £1 million and £1.4 million respectively, each down £100,000 year-on-year.
The Independent
02-04-2025
- Business
- The Independent
Brighton Pier reveals plans to quit London stock market
The leisure group behind the 126-year-old Brighton Palace Pier has seen its shares slump as it became the latest firm to announce plans to delist and return to private hands. Brighton Pier Group – which also owns a number of bars and mini-golf venues – said it is planning to cancel its listing on London's junior Aim market, sending shares slumping by nearly 60% in Wednesday morning trading. The firm, which is chaired by former Pizza Express boss Luke Johnson, said the decision follows a 'careful review of the benefits and drawbacks' of its stock market listing. It said it believes delisting at the 'earliest opportunity' would be in the 'best interests of the company and the shareholders as a whole'. Investors will vote on the plans at a meeting on April 22 and if approved, delisting is expected on May 2. It marks the latest blow to the Aim market, which has been hit by a raft of firms delisting in recent years, with 92 firms leaving the market last year. Mike Ashley-backed Scalextric and model train firm Hornby last month revealed plans to go private, blaming regulatory hurdles and costs involved with a stock market listing. Brighton Pier Group said reasons for its plans to delist include 'disproportionate' annual costs of between £250,000 and £300,000 to maintain a listing, lack of liquidity in the shares, volatility in the share price, as well as changes in the small cap market since the company's flotation in 2013. It added that it would have more flexibility and be more nimble on decisions as a private company. Brighton Pier Group also said the move comes in light of increasingly tough trading and higher costs. It said: 'Over the past several years, the company has faced persistent challenging trading conditions, impacted by, inter alia, Covid-19, repeat bad weather during peak summer trading periods, recent significant Budget increases in National Insurance to commence from 6 April 2025, pressures on consumer discretionary spending and a change in consumer behaviours.' It has therefore been focusing efforts on 'cost savings, disposals of underperforming assets and health of the balance sheet, limiting its ability to invest in growing the business'. The group said results for the year to December 29 2024 where in line with expectations, while it added that recent trading had been boosted by last month's warm weather. It said March's better weather, combined with the introduction of the higher £2 admissions charge for non-residents, helped drive total sales at the Pier up £100,000 to £1.8 million so far this year. Trading in the bars and golf divisions has seen a slow start to the year, with total sales of £1 million and £1.4 million respectively, each down £100,000 year-on-year.
Yahoo
11-03-2025
- Business
- Yahoo
Brighton Pier boss warns city needs more tourists, as admission fee doubles
The Brighton Palace Pier boss says the seaside city does not realise how important tourism is and should be doing more to attract visitors, meanwhile defending the decision to raise the price of the pier admission fee. Anne Ackord, the CEO of Brighton Pier Group which owns the historic pier that juts off the seafront, has spoken out about the the future of tourism in Brighton. She said that those running bars, restaurants and hotels in the area should not 'simply assume' that people will visit Brighton, and instead take action to attract people to come. "There is a lack of recognition in this city about how important tourism is, and we risk having a very difficult future unless [we] all get together to take incisive action," she said, according to the BBC. "We all need to attract people here and not assume they'll just come." She added that she believes Brighton and Hove has not worked as hard as destinations such as Bath and York in "making sure standards are as high as possible" to encourage people to visit. However, Brighton and Hove City Council members have told The Independent that strategies are already being put in place as well as an independent 'Seafront Development Board' to encourage investment in the seafront in order to deliver its full potential. Ms Ackord said there needs to be a "coordinated approach, attention to detail and the belief in working towards the same goal". She told The Independent: 'I certainly believe that the tourism businesses (and by this I mean the attractions, restaurants, hotels, museums etc) in the city will need to work very closely together to ensure that Brighton maintains it's reputation as 'London By The Sea', a great place for everyone to visit and enjoy.' Ms Ackord hopes that there will be clear communication and work between the council and businesses 'to develop a plan to ensure that visitors are choosing Brighton as the place to be both beside the seaside and in our surrounding countryside, both of which are British treasures'. She hopes to see further funding poured into marketing for the city in the UK and abroad, as well as financial support to make sure the city is clean, welcoming and safe. Councillor Bella Sankey, Leader of Brighton & Hove City Council, told The Independent that the council has recently helped launch a visitor economy strategy for Sussex. 'We are going to grow our city economy and make sure the tourism sector continues to support local jobs and investment,' she said. 'As a city which welcomes 11 million visitors each year and which has a worldwide reputation, we are always aware of the importance of tourism to our local economy – and determined to build on our successes. 'Brighton & Hove is the sunniest city in England and Wales. We have fantastic beaches, amazing culture, arts, sport, a Premier League football club and a packed calendar of events, and immediate access to the beautiful South Downs. As a council we are determined to not only sustain our vibrant visitor and cultural economy, but to enhance it further.' Steve Bassam, The Rt Hon the Lord Bassam of Brighton, chair of the new Seafront Development Board for the city, added: 'The council has taken the bold decision to set up a Seafront Development Board to establish a long-term strategy aimed at maximising the potential of its shop front. 'As chair I want to bring together the best of the public and private sectors to secure investment that ensures Brighton & Hove remains one of Europe's leading resorts, with something for everyone – visitor and resident alike. 'Brighton & Hove is the place to be and with its different vibe, people enjoy its quirkiness and sense of fun. The Brighton Palace Pier is an essential part of that spirit.' Ms Ackord's comments came just before the admission fee into the pier was doubled from £1 to £2 from 8 March to September. She defended the rise in price saying it was vital for maintaining the almost 126-year-old structure for continued use. The CEO said the £2 entry fee was the result of "a very difficult trading situation over the last few years, wherein costs have risen overall by about 50 per cent', she said, according the BBC. The Grade II* listed pier was opened in 1899, and needs constant maintenance for its steel substructure and 17 miles of wooden decking, Ms Ackord added. "The pier is 126 years old this year and I'd like to think she'll still be here in 126 years time, but it annually costs millions to keep her standing," she said. Brighton is still working to rebuild its tourism industry since the pandemic when numbers dwindled rapidly due to the lockdowns. The number of visitors was down by 27 per cent in 2020, with the city only welcoming 9 million tourists, down from 12.37 million in 2019. In 2024, the numbers slowly started to recover, with around 11.47 million people visiting Brighton and Hove on average in the year. In October, the council said that tourists bring £1.27 billion in economic benefits to the area annually and support over 23,345 jobs in Brighton.
The Independent
11-03-2025
- Business
- The Independent
Brighton Pier boss warns city needs more tourists, as admission fee doubles
The Brighton Palace Pier boss says the seaside city does not realise how important tourism is and should be doing more to attract visitors, meanwhile defending the decision to raise the price of the pier admission fee. Anne Ackord, the CEO of Brighton Pier Group which owns the historic pier that juts off the seafront, has spoken out about the the future of tourism in Brighton. She said that those running bars, restaurants and hotels in the area should not 'simply assume' that people will visit Brighton, and instead take action to attract people to come. "There is a lack of recognition in this city about how important tourism is, and we risk having a very difficult future unless [we] all get together to take incisive action," she said, according to the BBC. "We all need to attract people here and not assume they'll just come." She added that she believes Brighton and Hove has not worked as hard as destinations such as Bath and York in "making sure standards are as high as possible" to encourage people to visit. However, Brighton and Hove City Council members have told The Independent that strategies are already being put in place as well as an independent 'Seafront Development Board' to encourage investment in the seafront in order to deliver its full potential. Ms Ackord said there needs to be a "coordinated approach, attention to detail and the belief in working towards the same goal". She told The Independent: 'I certainly believe that the tourism businesses (and by this I mean the attractions, restaurants, hotels, museums etc) in the city will need to work very closely together to ensure that Brighton maintains it's reputation as 'London By The Sea', a great place for everyone to visit and enjoy.' Ms Ackord hopes that there will be clear communication and work between the council and businesses 'to develop a plan to ensure that visitors are choosing Brighton as the place to be both beside the seaside and in our surrounding countryside, both of which are British treasures'. She hopes to see further funding poured into marketing for the city in the UK and abroad, as well as financial support to make sure the city is clean, welcoming and safe. Councillor Bella Sankey, Leader of Brighton & Hove City Council, told The Independent that the council has recently helped launch a visitor economy strategy for Sussex. 'We are going to grow our city economy and make sure the tourism sector continues to support local jobs and investment,' she said. 'As a city which welcomes 11 million visitors each year and which has a worldwide reputation, we are always aware of the importance of tourism to our local economy – and determined to build on our successes. 'Brighton & Hove is the sunniest city in England and Wales. We have fantastic beaches, amazing culture, arts, sport, a Premier League football club and a packed calendar of events, and immediate access to the beautiful South Downs. As a council we are determined to not only sustain our vibrant visitor and cultural economy, but to enhance it further.' Steve Bassam, The Rt Hon the Lord Bassam of Brighton, chair of the new Seafront Development Board for the city, added: 'The council has taken the bold decision to set up a Seafront Development Board to establish a long-term strategy aimed at maximising the potential of its shop front. 'As chair I want to bring together the best of the public and private sectors to secure investment that ensures Brighton & Hove remains one of Europe's leading resorts, with something for everyone – visitor and resident alike. 'Brighton & Hove is the place to be and with its different vibe, people enjoy its quirkiness and sense of fun. The Brighton Palace Pier is an essential part of that spirit.' Ms Ackord's comments came just before the admission fee into the pier was doubled from £1 to £2 from 8 March to September. She defended the rise in price saying it was vital for maintaining the almost 126-year-old structure for continued use. The CEO said the £2 entry fee was the result of "a very difficult trading situation over the last few years, wherein costs have risen overall by about 50 per cent', she said, according the BBC. The Grade II* listed pier was opened in 1899, and needs constant maintenance for its steel substructure and 17 miles of wooden decking, Ms Ackord added. "The pier is 126 years old this year and I'd like to think she'll still be here in 126 years time, but it annually costs millions to keep her standing," she said. Brighton is still working to rebuild its tourism industry since the pandemic when numbers dwindled rapidly due to the lockdowns. The number of visitors was down by 27 per cent in 2020, with the city only welcoming 9 million tourists, down from 12.37 million in 2019. In 2024, the numbers slowly started to recover, with around 11.47 million people visiting Brighton and Hove on average in the year. In October, the council said that tourists bring £1.27 billion in economic benefits to the area annually and support over 23,345 jobs in Brighton.
