One of the county's most iconic structures has been bought in a multi-million pound deal.

Eclectic Bar Group, chaired by Luke Johnson, has entered a conditional agreement to buy Palace Pier for £18m.

The company, which operates Dirty Blonde, Coalition and LolaLo in the city,  proposes to fund the acquisition through a conditional placing of new ordinary shares to raise at least £8.5m, with the balance funded through £13m debt financing from Barclays.

The company also announced that chief executive Reuben Harley is to step down following the completion of the acquisition.

Johnson said: “We are very pleased to announce the acquisition of Brighton Pier, one of the most iconic and instantly recognisable attractions in the UK. The pier is hugely popular with the British public and it occupies a special place as a landmark at the heart of Brighton.

“Brighton is one of the UK’s most popular visitor destinations with over 10 million visitors per year, making it the most visited place in the South East. The pier itself is Britain’s most popular attraction outside London. The pier has been well run and well maintained by the previous owners and we welcome Anne Martin and her first class management team to the newly enlarged Eclectic group.

“This acquisition represents the next stage in the group’s development, expanding the Company’s existing portfolio and using the enhanced Board’s diverse skillset to become a differentiated operator of leisure and entertainment assets.

“I’d like to thank Reuben Harley for his contribution to the success of the Group. He leaves with our warm wishes.”