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The Brighton Pier Group has reported a 29.4% decrease in revenue in its final financial results for this year to £22.6m.
The group, which owns and operates Brighton Place Pier and 12 bars nationwide, said the prolonged closures due to lockdown resulted in “impairments to goodwill, property, plant and equipment and right-of-use assets” totalling £8.1m.
Of this figure, some £7.2m corresponds to its bar division, much of which remains unable to trade.
Furthermore, the company also reported a pre-tax loss of £2.1m against a profit of £3.2m last year, with like-for-like sales for the group as a whole at 81% compared to the same 13 weeks last year.
Anne Ackord, the group’s CEO, said: “The Covid-19 pandemic has presented an unprecedented challenge to our business.
“The closures during Spring 2020 came during what would normally be a key trading period, spanning both the Easter break in April and two May Bank Holiday weekends.”
She added: “Whilst the lost trade is disappointing, I’m proud of the way in which our team has responded to ensure the group remains in a strong financial position in such uncertain times.
“Thanks to their efforts, the group is well placed to resume normal trading at the earliest opportunity.”
