Brighton Pier owner enjoys end-of-lockdown boost

Brighton Pier owner enjoys an end-of-lockdown boost as it settles £5m insurance dispute

Shares boost: Brighton Pier Group said it has received the final £900,000 of a £5m insurance payout

The owner of Brighton Pier and the Lightwater Valley Theme Park in North Yorkshire saw shares surge after it settled a £5million insurance dispute connected to its closure during the pandemic.

Brighton Pier Group, chaired by former Pizza Express chairman Luke Johnson, said it received the final £900,000 of the sum on Thursday, which related to losses incurred during lockdown.

The company added that it had traded ‘strongly’ between late June and early September amid a boom in customer demand over the summer, saying the performance ‘significantly exceeded’ its expectations.

The shares jumped 16.8 per cent, or 9p, to 62.5p.

Sales hit £15.9million in the 13 weeks to the end of September, up 44 per cent against the same period in 2019 before the pandemic struck.

The company added that it was boosted by ‘pent-up demand and disposable incomes that built up during lockdown’ as more people took holidays in the UK amid global travel restrictions due to Covid.

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