Brighton pier proprietor is the most recent to give up London’s junior inventory market because it struggles to chop prices
The group behind the 126-year-old Brighton Palace Pier is the latest to quit London’s junior stock market.
Shares in Brighton Pier Group, which also owns bars and mini-golf sites, fell 60.6 per cent , or 10.4p, to 6.75p after a ‘careful review of the benefits and drawbacks’ of its AIM listing.
The firm is chaired by former Pizza Express boss Luke Johnson. Investors vote on the plans on April 22 and, if approved, de-listing is expected on May 2.
AIM suffered 92 departures last year, and Mike Ashley-backed Scalextric and model train firm Hornby last month said it would go private.
Brighton Pier Group said its reasons include ‘disproportionate’ annual costs of up to £300,000, lack of liquidity in the shares, volatility in the share price and in the market since it floated in 2013.
It has been focusing on ‘cost savings, disposals of underperforming assets and health of the balance sheet, limiting its ability to invest’.
De-listing: Shares in Brighton Pier Group, which also owns bars and mini-golf sites, fell 60.6% after a ‘careful review of the benefits and drawbacks’ of its listing
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