Award-winning Hastings Pier charity in administration

The restored pier has been described as "a masterpiece of regeneration"

The charity that runs an award-winning pier has gone into administration after it failed to raise £800,000.

Hastings Pier reopened last year after a devastating fire in 2010, and was declared "a masterpiece" when it won the Stirling Prize for architecture earlier this month.

The pier had been reported to be in financial difficulties in October.

The board of directors said the charity was now insolvent, but the pier remained open and funded for 2018.

Chair of Hastings Pier Charity Maria Ludkin said a three-year plan had been put forward for the pier to reach self-funding status within three years but £800,000 was needed.

In an email to shareholders, she said: "We are very sorry to tell you that none of the stakeholders were prepared to commit further funding to our three-year plan at this time."

She said it would be wrong to ask community shareholders for more money and, on the basis the charity was without funds to support its proposals, it was insolvent.

The original pier closed in 2008 and was ravaged by fire in 2010

Administrators had been appointed and would be funded by the Heritage Lottery Fund, which would take on the challenge of finding a long-term financial solution, she added.

"Of course we have a beautiful, well-built pier, which is not going anywhere," Ms Ludkin said.

Staff would continue working for the pier charity, directed by the administrator, she added.

This month, Royal Institute of British Architects president Ben Derbyshire described the "stunning, flexible new pier" as "a masterpiece of regeneration".

He praised Hastings locals for finding 3,000 shareholders to buy £100 stakes what has become known as "the people's pier".