Adam Stephens and Finbarr O’Connell of Smith & Williamson LLP were appointed as joint administrators of Hastings Pier Charity on Friday 24 November 2017.
The charity has been going through a restructuring process for some time and it is hoped that this process can now finally be completed successfully under the legal protection of an administration.
Hastings Pier Charity is the organisation that runs Hastings Pier. The pier was reopened in April 2016, following a devastating fire in 2010, and very recently the reconstructed structure won the prestigious Royal Institute of British Architects (RIBA) Stirling Prize.
“Sadly the charity was unable to finalise and implement a new successful business plan. The trustees sought professional advice and this advice suggested that administration would better position the charity to restructure itself and move forward to a successful outcome for this heritage asset.” said Adam Stephens, lead administrator and partner in the restructuring and recovery services department at Smith & Williamson.
“We want to acknowledge the fantastic work done by the board of trustees of the charity. Their work has created an amazing bridgehead for us in our search for a new long term sustainable solution for the pier.”
“We also want to remind everyone that the Pier and its facilities remain open as usual. Please come and spend some time in this great place and support its rescue.”
No employees have been made redundant in this administration and the administrators intend to work with staff, the previous trustees and local stakeholders to guarantee a sustainable future for it.
Finbarr O’Connell, joint administrator and restructuring and recovery partner at Smith & Williamson added: “We have already been talking with a number of key stakeholders in the run up to our formal appointment as administrators in this case. We will be continuing to liaise with those key stakeholders and intend to reach out to others.
“We are already talking to one party which is seriously interested in the pier. We anticipate extensive talks with local stakeholders including Hastings Borough Council and East Sussex County Council as we work towards the long term sustainable solution for the pier. Adam Stephens and I plan to work tirelessly to find a solution to the challenges which have affected this amazing structure.”
By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Details correct at time of publication.
Notes to editors
Smith & Williamson is an independently owned financial and professional services group. The firm is a leading provider of investment management, financial advisory and accountancy services to private clients, professional practices, entrepreneurs and mid-to-large corporates. The group’s c1,700 people operate from a network of twelve offices: London, Belfast, Birmingham, Bristol, Cheltenham, Dublin (City and Sandyford), Glasgow, Guildford, Jersey, Salisbury and Southampton.