THE millionaire who owns Brighton Palace Pier has sold off all his other businesses in the city.

Luke Johnson sold the last of his Brighton bars, Lola Lo in East Street, last week.

The sale for a “nominal amount” followed his surrendering of the lease of Dirty Blonde, also in East Street, in November.

Overall the company made a 65 per cent increase in sales in the six months up to December by selling loss- making bars.

This showed the pier side of the business was keeping the entrepreneur’s ventures afloat.

The firm’s latest financial results show that the company’s profits were up 783 per cent to £2.65 million compared with £300,000 in 2017.

The company focused on reducing operating costs through the “disposal of marginal and unprofitable sites”.

In interim results to the Stock Exchange on Tuesday, the business said that changes such as renovating the popular Dolphin Derby, introducing a new takeaway fish and chip shop, holding a Christmas market and selling wristbands for rides online had helped boost profits.

But he said that the ongoing rail dispute was a major barrier for businesses.

Mr Johnson said: “The quick and easy train service into Brighton from London is a major benefit to all businesses in Brighton, as well as the wider population.

“A resolution to this dispute is urgently needed.”

Mr Johnson has spoken out on a number of occasions about the rail crisis and has criticised the unions for causing disruption to businesses.

He also said the pier’s name change, following a 17-year Argus campaign, had helped boost its successes.

The nightclub entrepreneur also revealed plans to move his business focus away from nightlife.

He said: “The acquisition of Brighton Palace Pier has delivered a strong financial performance for the group with its first summer trading period in this half-year set of results.

“I believe there are exciting opportunities to further develop the pier business over the coming years.

“Our ambition is to become a leading experiential attractions business in the UK.

“I believe we now have the correct group structure and appropriate management team to deliver that ambition.”

The company’s accounts showed it had £31 million worth of assets, including £22 million in property largely down to the Palace Pier being bought for £18 million last April.

A breakdown of the company’s figures also showed the company’s £14.5 million profits for the 26 weeks to December 25 were split almost evenly between the pier and the bars owned by the company. The pier made a six per cent better profit margin than the bars.