ABERYSTWYTH’s pier has been sold.

Administrators called in to save the iconic Victorian pier have said the business has been sold to a private pension fund.

Mark Malone and John Kelly, of administrators Begbies Traynor, confirmed the deal today.

The business behind the Royal Pier, Don Leisure Ltd, went into administration in early 2015, owing just under £2.5m to creditors and blaming poor trade over two winter periods where the seafront was beset by storms.

The pier was advertised at an asking price of £1.75m.

It has remained open while administrators sought a buyer, and administrators have said that the sale - for an undisclosed fee - to a private pension fund will still see the business continue to be operated and managed by current manager Lee Price.

A statement for Begbies Traynor said: “The continued trading has only been possible due to the efforts of general manager Lee Price and his team at the pier and the continued support of the two major charge holders.

“The joint administrators would like to thank all those involved with supporting this unique Aberystwyth landmark and are pleased it now has the prospects of a more permanent future.

“We wish the new owners and the team at the Pier every success for the future.”