Electric Bar Group to buy Brighton Pier for £18m

Electric Bar Group has entered a conditional agreement to buy Brighton Pier for £18m in a deal it expects to be immediately earnings-enhancing from completion.

The company said the acquisition represents a significant opportunity to acquire an iconic British asset whilst also broadening its business base and diversifying its existing portfolio of venues by expanding into a differentiated offering within the leisure sector.

Executive chairman Luke Johnson – the former owner of Pizza Express – said: “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.

"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.”

Electric, which is behind bars such as Dirty Blonde and Lola Lo, announced plans to raise £8.5m through a share placing, with the remaining £13m to be funded through a new debt financing agreed with Barclays Bank.