Brighton Pier Group’s decision to delist from the London stock market has seen its share price drop markedly as a result.
The owner of the 126-year-old structure is removing itself from the Aim market and has gone on record as saying that the decision was the result of a “careful review of the benefits and drawbacks” of the listing.
The company is chaired by the former CEO of Pizza Express, Luke Johnson, and has a wide range of attractions beyond the pier itself, including bars and mini-golf installations.
Its shares have dropped around 60 per cent since it announced its plans to delist "at the earliest opportunity" as it was in the best interests of the company and its shareholders.
A meeting of shareholders has been set for Tuesday, April 22. The delisting is expected to take place on May 2.
The company has estimated that there are annual costs of £250,000-plus to remain part of Aim. It has been on the junior stock market for 12 years, but has recently encountered difficult trading conditions and increased costs.
The company said in a statement: “Over the past several years, the company has faced persistent challenging trading conditions, impacted by, inter alia, Covid-19, repeat bad weather during peak summer trading periods, recent significant Budget increases in National Insurance, pressures on consumer discretionary spending and a change in consumer behaviours.”
