Eclectic Bar Group buys Brighton Pier for £18m

The 19-strong company has entered in to a conditional agreement to buy the iconic Palace Pier for £18m.

Eclectic’s chairman Luke Johnson – who co-founded the Strada restaurant chain – said the sale marked the ‘next stage' of development for Eclectic's portfolio, which includes Brighton’s Coalition, Lola Lo and Dirty Blonde nightclubs.

"We are very pleased to announce the acquisition of Brighton Pier, one of the most iconic and instantly recognisable attractions in the UK,” said Johnson.

"Brighton is one of the UK's most popular visitor destinations with over 10m visitors per year, making it the most visited place in the South East. The pier itself is Britain's most popular attraction outside London.

“The pier has been well run and well maintained by the previous owners and we welcome Anne Martin and her first class management team to the newly enlarged Eclectic group.”

Eclectic plans to fund the acquisition through a conditional placing of new ordinary shares to raise at least £8.5m, with the balance funded through £13m debt financing agreed with Barclays Bank.

It's current chief executive Reuben Harley will step down once the deal is completed.

The group runs bars across the UK including Embargo Republica on the Kings Road in Chelsea and Po Na Na in Bath and Wimbledon.

Johnson was chairman of Pizza Express in the 1990’s and chaired Giraffe for nine years until 2013.