Brighton’s historic Palace Pier has been put up for sale after a decline in tourist numbers, a drop in profits and increase in costs in recent years.

The leisure group that owns the 126-year-old structure, which has appeared in famous films including Brighton Rock and Quadrophenia, said it hoped to find a new owner by the summer.

“This is more than just the sale of an asset,” said Anne Ackord, the chief executive of Brighton Pier Group (BPG). “It is an opportunity to become part of the next chapter in a remarkable story and shape the future of this national treasure.”

The Grade II-listed pier, which opened in 1899 after three years of construction, was acquired by BPG for £18m in 2016.

BPG, which also owns a number of bars and mini-golf sites, is chaired by Luke Johnson, the former boss of Patisserie Valerie and Pizza Express and the ex-chair of Channel 4, who owns more than a quarter of the shares.

The company, which delisted from London’s junior Aim stock market last year, has appointed the real estate agent Knight Frank to handle the sale. “We expect interest from buyers both within the UK and internationally,” Ackord said.

The pier attracts more than 4 million visitors a year but BPG’s accounts show that it has been struggling with visitor numbers, revenues and profits over the past few years. Ackord said that last year the group had faced “very difficult trading” and that costs had risen by about 50% in recent years.

The pier reported a 4% like-for-like fall in sales in 2024, with the group blaming a second consecutive year of poor summer weather, as profits fell from £1.7m to £300,000 year on year.

An admission fee of £1 for non-residents was introduced in 2024, which was doubled to £2 in March, which the group said had partly offset the decline in visitor numbers.

Ackord said the pier remained a “profitable, stand-alone business with significant potential to build on its already strong popularity”.

No guide price has been disclosed for the pier but company accounts for 2024 provide a net book value of £13.7m for the “pier, landing stage and deck”, down from £17.3m the previous year.

In November, BPG said it was considering selling the 540-metre (1,772ft) pier.

The company said at the time it was “actively exploring opportunities for the potential sale of some or all of the remaining assets of the group” in the face of an “extremely challenging trading environment”.

It blamed continued cost of living pressures that had resulted in cash-strapped consumers cutting back on spending.

“The proposed sale of the pier forms part of our strategy to divest our leisure assets and return capital to shareholders,” Ackord said.

BPG has also previously said it is actively marketing Lightwater Valley, its theme park in North Yorkshire, for £3m.