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Fri 7th Nov 2025 - Brighton Pier Group exploring potential sale |
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Brighton Pier Group exploring potential sale: Brighton Pier Group, which delisted from the London stock market earlier this year, is actively exploring opportunities for the potential sale of some or all of its remaining assets, including its eponymous seaside tourist attraction. The Luke Johnson-chaired business owns Brighton Palace Pier, as well as five premium bars nationwide (of which three have been disposed), eight indoor mini-golf sites and the Lightwater Valley Family Adventure Park in North Yorkshire. The company said it was uncertain whether there would be “sufficient cash resources” to repay its debts, meaning selling off some of its assets was almost inevitable. It said: “The timeline for these processes is not yet certain. It is the view of the directors that sales processes, if successful, for these remaining assets is in the best interests of all of the group's stakeholders, and that these measures, combined with cost-saving opportunities, will enable the group to remain resilient in the face of an extremely challenging trading environment that appears set to continue in the short to medium term. The group will continue to pursue cost-saving measures across all areas of the business whilst these processes are carried out.” In its latest accounts, directors of the company blamed “significant increases in the national living wage, national insurance and a reduction in retail, hospitality and leisure [business rates] relief” which continued to “bear down on operating margins across the business”. It is also “actively in discussions” with its lenders on securing potential waivers for loan agreements that it had breached during the year – in July and September. It is also in ongoing discussions with major shareholders regarding a potential refinancing of its bank debt. Propel revealed earlier this summer that the business has sold its Lowlander bar site in London’s Covent Garden to Urban Pubs & Bars, resulting in a £200,000 gain for the business. In August, the landlord triggered an early termination clause in the lease for the Livingston site in the group’s golf division. The site was returned to the landlord on 15 August 2025. In September, Propel revealed that Joe Heanen, who once co-owned Luminar – at the time the UK’s largest nightclub operator – had acquired two Lola Lo sites in Bristol and Reading, from Brighton Pier Group, resulting in gains of approximately £100,000 for the business. The disposal of the company’s remaining two sites - Embargo Republica in Chelsea and Le Fez in Putney - is expected to complete before the end of this year. Earlier this week, Propel reported that the company was to sell its Lightwater Valley theme park in North Yorkshire. The attraction, which features more than 35 rides, has hit the market for £3m. Lightwater Valley, which is near Ripon, first opened in 1969 and attracts more than 230,000 visitors each year. Brighton Pier Group bought the attraction in June 2021 in a £5m deal. Revenue for the 12 months to 29 December 2024, which doesn’t include the discounted bars division, was £25.8m (2023: £26.4m). On a divisional basis and comparing like-for-like with 2023, Brighton Palace Pier like-for-like sales were down 4% on 2023; the golf division like-for-like sales were down 4% on 2023; and Lightwater Valley like-for-like sales were up 8% on 2023. Pre-tax loss was £1.5m (2023: pre-tax profit of £200,000). At the period end, the group had total bank debt of £11.2m (2023: £11.4m), and net debt (total bank debt less cash and cash equivalents) of £8.9m (2023: £7.4m). Group like-for-like sales through to the end of September 2025 were down £2.3m, or 10% below the equivalent period in 2024. The company said: “The pier has seen a further contraction in overall visitor numbers across the key trading periods. An increase in the admissions charge from £1 to £2, which became effective from March 2025, was able to partly offset the decline in footfall. Total sales of £12.2m were £800,000 lower than 2024. The golf division has also struggled with lower turnout, exacerbated by a general decline in retail footfall across the UK. Total revenue of £4.1m was down £400,000 versus last year. Lightwater Valley suffered from low visitor turnout across the key holiday dates, with total sales to date of £3.6m, down £800,000 versus 2024. On a like-for-like basis (excluding the contribution from disposed sites), the bars division contributed total sales of £1m, down £300,000 against 2024.”
Premium Club subscribers to receive new searchable and segmented New Openings Database today: The next Propel New Openings Database will be sent to Premium Club subscribers today (Friday, 7 November), at 12pm. The database will show the details of 213 site openings, including which company has opened a site or its plans to open one in the future. The database will have details on what type of site it is and its location, and there will also be a website link to the businesses. The database is published on a monthly basis and Premium Club subscribers will also receive a 14,673-word report on the 213 new additions to the database. It is segmented into seven categories – cafe bakery, casual dining, experiential leisure, fine dining, hotels, pubs and bars, and quick service restaurants – making it even easier for users to search. The database includes new openings in the experiential leisure sector such as Omniplex Cinema Group, Ireland’s largest cinema company, with an opening in Glasgow, LGBTQ+ cabaret collective Screaming Alley opening The Alley Bar in Ramsgate, and Three Sisters, a new holistic wellness studio and salad bar concept, with a launch in London’s Mayfair. Premium Club subscribers also receive access to five other databases: the Turnover & Profits Blue Book, the Multi-Site Database, the UK Food and Beverage Franchisor Database, the UK Food and Beverage Franchisee Database and the Who’s Who of UK Hospitality. All Premium Club subscribers will be offered a 20% discount on tickets to Propel paid-for events and discounts on specialist sector reports. Operators that are Premium Club subscribers are also able to send up to four members of staff to each of our four Multi-Club Conferences for free. Premium Club subscribers receive their daily Propel Info newsletter 11 hours earlier than standard subscribers, at 7pm the evening before. They also receive videos of presentations at eight Propel conference events two weeks after they are held. This represents around 100 videos of industry insight over the course of the year. Premium Club subscribers also receive exclusive opinion columns every Friday at 5pm, which include the thoughts of Propel group editor Mark Wingett and a host of industry leaders from across the sector. A Premium Club subscription costs an annual sum of £495 plus VAT for operators and £595 plus VAT for suppliers. Companies can now have an unlimited number of people receive access to Premium Club for a year for £995 plus VAT – whether they are an operator or supplier. Email kai.kirkman@propelinfo.com today to sign up.
UK subsidiary of pan-European holiday park operator reports positive
Ebitda due to ‘enhanced operational performance and tighter cost
control’: The UK subsidiary of pan-European holiday park operator Capfun
has reported positive Ebitda in the year to 30 November 2024, which it
said reflects “enhanced operational performance and tighter cost
control”. Capfun UK was created in 2022 by France-headquartered Capfun,
which operates circa 200 family-focused campsites and holiday parks, to
acquire Lakeshore Leisure Group, the Kings Park Capital (KPC)-owned
operator of three holiday parks in Devon. The acquisition, signalled
both Capfun’s entry into the UK market and private equity group KPC’s
exit from the business. In its first year of trading, the company
reported negative Ebitda of £1,334,000, which it turned into positive
Ebitda of £383,000 in 2024. Turnover of £7,369,779 in 2023 was down to
£7,263,336, while the company narrowed its pre-tax loss from £6,713,412
to £5,354,553. Director Nicolas Houe said: “The group’s operating
performance for the year was in line with the expectations of the
directors. A strategic change in the business model, moving from lodge
sales to a purely rental-focused approach, initially led to a slight
reduction in revenue but resulted in a significant improvement in
operating profitability. The group’s primary measure of profitability is
Ebitda. In 2023, Ebitda was a loss of £1,334,181. This improved to a
positive Ebitda of £383,672 in 2024, reflecting enhanced operational
performance and tighter cost control. Capital expenditure on tangible
assets during the period amounted to £4,267,510, demonstrating the
group’s ongoing commitment to future development.”
Edinburgh pub
operator – investments made during the pandemic has seen trading
overtake pre-covid levels to record £5.6m: Edinburgh pub operator DM
Stewart has said investments made during the pandemic has seen its
trading overtake pre-covid levels to a record £5.6m. The company, which
operates four pubs in the Scottish capital, saw its turnover grow from
£5,289,285 in 2023 to £5,633,839 in the year to 30 November 2024, while
its pre-tax profit was up from £321,667 to £415,171. This compares to
turnover of £4,335,666 and a profit of £480,496 in the year to 30
November 2019, its last before the pandemic. Director Christian Stewart
said: “Forecasts for 2025 have been prepared on various different
scenarios in relation to the different levels of turnover achievable
including stress testing to assess the impact on the company's liquidity
and ability to continue as a going concern. Based on the forecasting
performed the directors are confident that the actions and strategies in
place will allow the business to grow strongly in the future. The
company has significant headroom and the support of its bankers to meet
its financial covenants. This will allow the company to mitigate
business threats as they arise. The trading since the year end has shown
a return in excess of the pre covid-19 levels and this has been
achieved as a result of the substantial capital investment during the
covid-19 and subsequent years along with the implementation of the new
systems to ensure the strongest possible returns in the future.”
Dividends of £260,000 were paid (2023: £280,000).
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