A FINANCIAL crisis has forced the closure of an historic

seaside pier.

The gates to the seafront attraction were closed after the Hastings Pier Company announced it was too expensive to continue operating.

The move has resulted in 14 job losses from the company and endangered the livelihoods of traders who rent stalls on the pier.

The company has now stopped trading and an insolvency agency has been called in to investigate. Its findings will be presented to a meeting of creditors on October 27.

Tony Cruse, chairman of the company's board, said: "We took the decision in view of the poor summer and the expense of running it through the winter.

"As a company it would have been irresponsible for us to run something beyond our means. This is extremely sad as there is so much tradition."

Hastings Council marketing manager Kevin Boorman fears the closure could mean Hastings could face a similar

situation to Brighton, where the Grade 1 listed West Pier has remained derelict since its closure in the Seventies.

Hastings Pier was built in 1872 by West Pier designer Eugenius Birch.

Said Mr Boorman: "As it is a private concern we cannot get involved in the finances but we will give whatever support we can to anyone who wants to take over its running.

"This is a sad thing to happen and I hope it can reopen as quickly as possible. We have had a really good summer, with the pier one of our major attractions. I can't believe it has been doing that badly."

The run-down pier, home to traditional seaside shops, a bingo hall and amusement arcades, is in urgent need of repairs which will cost millions of pounds.

Last year a £76 million bid for lottery cash to pay for a massive restoration project failed.

And three years ago, plans for a facelift were also halted after the Hastings Pier Consortium, a group of local conservationists, failed to find the estimated £42 million needed.

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