Brighton Pier Group - Sweating the assets
The popularity of Brighton Pier Group’s (BPG’s) diversified low-ticket leisure offer underpins confidence in a significant bounce back from its FY23 ‘annus horribilis’ as well as in potential benefits from new initiatives, notably a £1 admission fee to the Palace Pier (annually over four million visitors as a free attraction) during key summer trading for non-residents of Brighton. The coincidence in FY23 of harsh weather, train strikes and protracted disruption from a fire near the company’s most important site, the Pier, is surely exceptional and it is testimony to BPG’s resilience that H223 adjusted EBITDA almost held year-on-year. As conditions normalise, despite no consensus forecasts for FY25, we see continued progress under entrepreneurial management with strong cash generation funding lucrative marginal revenue and further expansion as a consolidator.Brighton Pier Group consists of two divisions. The Brighton Marine Palace and Pier Company owns and operates Brighton Palace Pier, which provides a variety of seaside entertainment options, with views of Brighton and the English Channel. Attractions include rides, amusement arcades, bars, food and retail kiosks and a restaurant. Entry to Brighton Palace Pier is free of charge. Eclectic Bars Limited, an operator of 14 bars trading in major towns and cities across the U.K, as of June 25 2017. The Eclectic Group trades across its estate under a variety of business concepts including Embargo Republica, Lola Lo, Po Na Na, Fez Club, Lowlander, Smash and Coalition.
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