THE new owner of Brighton Palace Pier has branded the EU 'wasteful, bureaucratic and undemocratic' and hopes the Brexit vote will trigger reform.

Luke Johnson, who bought the iconic site for £18 million, was talking at the packed Brighton Summit yesterday afternoon.

Eclectic Bar Group, chaired by Mr Johnson, purchased the pier in April. The company also operates Dirty Blonde, Coalition and LolaLo in the city.

Speaking during a question and answer session at The Clarendon Centre, the former chairman of Channel 4 said: "It may well become a very different world now. Europe will change. It has to, it needs reforming."

Mr Johnson, 54, said he believes the country must redouble its efforts as a nation to become more open for business than ever.

Addressing the summit, he admitted to the audience that he had experienced what he called 'his share of failures' and he said that currently the economy is facing 'relatively challenging times'.

He said: "I believe in Brighton and I do love the pier. Brighton has the sophistication of London with the special ambience of the seaside.

"The city knows how to have fun.

"I would describe the pier as retro. I believe it to be Britain's busiest and most profitable pier and it has seen steady growth over recent years.

"Persistence is everything - no business can ever afford to stand still."

He spoke about some of the key attributes needed for success, the need to make a difference and the importance of enjoying what you are doing.

He said that future job growth is likely to come from small and medium-sized businesses and that giant companies are not going to create the jobs of the future.