The UK’s iconic Brighton Pier has been sold to Eclectic Bar Group, a bar chain run by British investor Luke Johnson, for £18m ($25.6m).

“We are very pleased to announce the acquisition of Brighton Pier, one of the most iconic and instantly recognisable attractions in the UK,” said Johnson, who heads up Eclectic Bar Group.

“The pier is hugely popular with the British public and it occupies a special place as a landmark at the heart of Brighton.”

Located in Brighton on the south coast of England, the Brighton Marine Palace and Pier originally opened in 1899.