Kingston Smith advises on Brighton Marine Palace & Pier Company disposal
Kingston Smith is pleased to announce that its client, the Noble Organisation Ltd, has today exchanged contracts in respect of the disposal of the Brighton Marine Palace & Pier Company to Eclectic Bar Group PLC. The total cash consideration is £18 million on a cash free, debt free basis, to be satisfied in full on completion.
The Brighton Marine Palace & Pier Company owns and operates Brighton Pier, one of the most popular leisure attractions in the UK.
Eclectic Bar Group PLC is an AIM quoted leisure company. Its Chairman and largest shareholder is Luke Johnson, serial entrepreneur and Chairman of both Patisserie Holdings PLC and private equity firm, Risk Capital Partners.
The transaction is conditional, inter alia, on the approval of shareholders.
Kingston Smith acted as financial adviser to the Noble Organisation on the transaction. We identified and approached the buyer and continued to advise for the duration of the process.
Ian Imrie, MD of the Noble Organisation Ltd comments, “Kingston Smith has been instrumental to this deal; finding the buyer, ensuring the buyer fully understood the business from the outset and advising throughout the process.”
Luke Johnson, Chairman of Eclectic Bar Group PLC, comments “We were delighted when Kingston Smith brought this opportunity to us. This is an outstanding transaction and their insight into the business itself and knowledge of the parties involved has been crucial.”
Jonathan Garbett, Director at Kingston Smith Corporate Finance says, “We have had a relationship with the Noble Organisation, Brighton Pier and Luke Johnson for many years and I am thrilled that we have been able to connect these parties using our market-leading commercial network. In delivering the project we were able to provide M&A and funding solutions for our client in a fast and efficient way to meet their business objectives.”