Pier administrators ‘explored many potential buyers’ in sale process

Hastings Pier SUS-170211-103222001
Hastings Pier SUS-170211-103222001

The joint administrators of Hastings Pier Charity say they ‘explored many potential buyers’ before selling the structure to a private entrepreneur.

Adam Stephens and Finbarr O’Connell, in a statement released this evening, confirmed the sale of the pier to Sheikh Abid Gulzar.

The statement said: “As you know, since the Hastings Pier Charity went into administration we have been working extremely hard to find a viable buyer for this important heritage asset, in an attempt to facilitate a transfer of the pier as a going concern and ensure its success in the future.

“This has been a complex task; and we worked to ensure we explored many potential buyers.

“Today we are announcing that, after careful consideration of the bids received and on the recommendation of our agents, we have transferred the business and assets of Hastings Pier Charity (including the pier itself) to Mr. Abid Gulzar, the owner of Eastbourne Pier.

The pier has maintained its Grade II listing and the associated preservation rights. We recognise that the long-term sustainability of the pier is important to Hastings. Therefore the sale is subject to a reversion clause, which means that in the event that the Pier is resold in the next two years, there are certain provisions which are in favour of Hastings Borough Council acquiring it.

“Also, all the heritage assets of the pier are being transferred to Hastings Museum, which will allow future generations the opportunity to understand and appreciate the significant cultural impact and history of the pier on Hastings.

“Mr Gulzar intends to honour all the events that have been booked at Hastings Pier this year during the administration period. Furthermore, all staff have been transferred. Mr Gulzar is also keen to engage with the local community and will be delivering his ideas for investing in the pier in due course.

“Shareholder contact data remains with Hastings Pier Charity in administration, and has not be transferred as part of the sale.

“In line with our statutory duties as administrators, we will be issuing a progress report in respect of all aspects of the administration in the next two weeks which will include further details of the administration to date.

“Finally, we want to say thank you: to you, the staff, to the volunteers and to the many other stakeholders involved with the Pier. Thank you.”

BREAKING NEWS: Hastings Pier sold to private entrepreneur.