Brighton Pier Group has proposed plans to cease trading on the London Stock Exchange in a bid to save up to £300,000 a year in recurring costs.
The company, which owns and operates Brighton Palace Pier, said the “considerable” costs and regulatory burden associated with maintaining its listing were “disproportionate to the benefits”.
Brighton Pier Group, formerly known as the Eclectic Bar Group, was admitted to London’s AIM (Alternative Investment Market) for smaller, high-growth companies in November 2013.
The group rebranded to Brighton Pier following its acquisition of Brighton Palace Pier and in April 2016, it was re-admitted to AIM in its current form.
However, the leisure operator has now notified the London Stock Exchange of its plans to delist and re-register as a private limited company following shareholder approval. The board of Brighton Pier Group said it had “unanimously concluded” this would be in the “best interests” of the company.
The company directors said the business could save recurring administrative and adviser costs of up to £300,000 per annum, which would instead support the longer-term growth of the company.
The directors said the cancellation would also enable the business to pursue a “partial refinancing” of its bank debt. Brighton Pier Group is currently in “early stage discussions” with two major shareholders about this, though it conceded there is “no certainty” the deal will take place.
The group said its limited liquidity made the business especially vulnerable to market volatility, which has worsened in recent years. The “significant” post-Autumn Budget increases kicking in this month have also led Brighton Pier Group to conclude it should focus on “cost savings, disposals of underperforming assets and health of the balance sheet”.
The announcement comes after the company posted total group sales of £4.2m in the 12 month period ended 29 December 2024, £100,000 less than the equivalent period the previous year.
Brighton Pier Group also owns and operates five bars, eight indoor mini-golf sites and the Lightwater Valley Family Adventure Park in North Yorkshire.
It is the latest in a string of hospitality companies to cancel their public listings, following Loungers, TGI Fridays and the Restaurant Group.