Brighton Pier Group - A fun ride
Brighton Pier Group (BPG) looks to be rather more than a clear play on the expected UK staycation boom, attractive as that is. With a focus on popular low-ticket leisure, driven by the group’s fabled eponymous key asset, entrepreneurial management sees longer-term growth opportunities as a consolidator accelerated by fallout from the pandemic. For now, it is confident that buoyancy in the Pier and Golf after spring 2020 lockdown (sales in Q3 almost at 2019 levels) can be repeated on imminent phased reopening, while business interruption insurance payments should continue to buttress results. Finances appear secure with £6m liquidity, further insurance payments aside, and, even after FY20 impairments, low gearing, given asset backing (70% and 47p NAV per share at end-2020).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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