Brighton's iconic Palace Pier has been put up for sale after months of speculation over its future - as it grapples with declining visitors and a controversial entry fee it introduced to bolster falling profits.

The seaside attraction, which opened in 1899, has been owned by Pizza Express entrepreneur Luke Johnson's Brighton Pier Group for the last decade after it bought the jetty for £18million.

Home to food stalls, 19 amusement rides and two sprawling, noisy arcades boasting more than 300 machines, it welcomes around four million visitors a year, according to official figures from VisitEngland.

But after 10 years of difficult trade, compounded by wage and national insurance hikes and a reduction in relief from Rachel Reeves' first brutal Budget, Mr Johnson's firm is throwing in the towel.

The Grade II* listed pier's value was written down from £17.3m to £13.7m amid poor trading in 2024, blamed on bad weather in the summer.

Managers have sought to offset the drop in visitors, falling revenues and the £1million-plus annual cost of maintaining the 126-year-old Victorian attraction with a summertime admission fee for non-residents.

Introduced at £1, since raised to £2 for adults, £1 for children, or £5 for a family of six, and raised £0.7million in 2024 - to the chagrin of visitors.

The group's most recent accounts had hinted that the attraction could be put up for sale alongside other assets. The Lightwater Valley amusement park in Ripon, North Yorkshire, was put on the market for £3million in October.

Serial entrepreneur Luke Johnson (pictured) is selling Brighton Palace Pier after a decade at the reins, citing difficult trading conditions and rising costs linked to the Budget

The Pier opened in 1899 and has gradually changed from an entertainment complex to a seaside amusements attraction (pictured in 1969)

Confirmed today, Brighton Palace Pier will be marketed by estate agents Knight Frank for an unspecified guide price, with a goal of having a new owner in place in time for the crucial peak summer trading period.

Anne Ackord, chief executive officer of The Brighton Pier Group, said in a statement that the pier is a 'profitable, standalone business with significant potential'.

She further told the BBC that any potential buyer would need 'many millions' to secure it for themselves - and had previously warned that the pier faced a 'very difficult future' if it did not bring in more visitors.

Accounts show revenue at the Pier in 2024 fell four percent to £14.9m, down from £15.6m, and that total earnings before interest, taxes, depreciation and amortisation was £0.3m, down from £1.7m.