Brighton Pier – one of the UK’s most iconic seaside attractions – has been sold in a deal worth £18m (US$25.6m, €22.5m).

Purchased by the Eclectic Bar Group, which has acquired pier owner the Brighton Marine Palace and Pier Company, the conditional agreement to buy the Grade II-listed structure would be funded through share placing of £8.5m (US$12m, €10.6m), with a further £13m (US$18.5m, €16.2m) coming through debt financing from Barclays.

The pier was first put up for sale in 2011, but was withdrawn the following year by owners the Noble Group. Serial entrepreneur Luke Johnson – who has headed organisations such as Channel 4, Pizza Express and Strada, and is currently chairing the Eclectic Bar Group – hailed the pier as one of the most recognisable attractions in the UK.

"Brighton is one of the UK's most popular visitor destinations, with more than 10 million visitors per year, making it the most visited place in the South East,” said Johnson.

"The pier is hugely popular with the British public and it occupies a special place as a landmark at the heart of Brighton."

Johnson added that there were no plans to change the attractions on the pier, but that Eclectic – which owns a number of bar brands including Embargo Republica, Po Na Na and Lola Lo – would be trying to improve the pier’s performances, particularly during the quieter winter period. Johnson also said that Eclectic would be looking at acquiring other attractions in the future as the company starts to diversify from bar ownership.

The pier first opened in 1899 at a then unprecedented cost of £27,000 (US$38,400, €33,700). It was given Grade II listed status in 1971 and is currently home to rides, amusement arcades and a selection of bars. It welcomes more than three million visitors a year and had been under the ownership of the Noble Group since 1984.