Brighton Pier sold for £18m to former Pizza Express boss

Eclectic Bar Group said the purchase of the "iconic British asset" will boost its earnings

The Grade II listed landmark in East Sussex was placed on the market for the first time in more than 25 years back in 2011 (Getty)

Brighton Pier, one of UK’s most iconic structures, is set to be sold in an £18 million deal to Eclectic Bar Group, chaired by former Pizza Express entrepreneur Luke Johnson.

Eclectic Bar Group, the company behind Lola Lo and Dirty Blonde nightclubs, has entered a conditional agreement to buy the Brighton Marine Palace and Pier company, which owns the iconic structure.

The Grade II listed landmark in East Sussex was placed on the market for the first time in more than 25 years back in 2011, before being withdrawn the following year.

The group said the purchase of the “iconic British asset” will boost its earnings.

“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,” Luke Johnson said.

“This acquisition represents the next stage in the group's development, expanding the Company's existing portfolio and using the enhanced Board's diverse skillset to become a differentiated operator of leisure and entertainment assets,” Johnson added.

Eclectic Bar Group, plans to raise £8.5 million through a share sale and the rest through a £13 million debt financing agreement with Barclays, according to the company’s statement.

Brighton Pier is regarded as one of Britain's most visited places, with 18 themed attractions and rides, two amusement arcades and retail and entertainment outlets.

Celebrities such as Greta Garbo, Grace Kelly, Winston Churchill and Clement Attlee have all paid a visit, as have modern-day icons such as The Who and the Arctic Monkeys.