The main company behind plans to restore the West Pier in Brighton is to be wound up.

Property developer Nick Leslau is winding up the Prestbury Group, based in London, after being disappointed at its low share price.

But the multi-millionaire has not yet said whether he intends to continue backing the pier through another company or on his own.

Prestbury is providing the main financial backing for the Eugenius consortium which is working with the Brighton West Pier Trust to restore the 134-year-old Grade 1 listed building.

The consortium also includes Brighton builder John Regan and former champion boxer Chris Eubank.

National Lottery money of up to £15 million was promised for the pier in March 1998 but another £15 million is needed from the private sector.

Trust chief executive Dr Geoff Lockwood said: "We are told Nick Leslau will continue to provide the financial backing for Eugenius through which-ever company he now directs his wealth.

"If not, we have a reserve private sector partner ready.

"This is not a liquidation. It is a very successful company. Nick Leslau is looking at the way he can direct his wealth.

"We are giving Eugenius a bit of time to explain to us how it intends to maintain its role as our private sector partner."

Dr Lockwood described the move as a hiccup and said whatever happened restoration of the pier should not be delayed by more than a month.

He added: "The main thing is that we have the commitment of English Heritage, Brighton and Hove Council and the Heritage Lottery Fund. They are all standing firm."

Because of the uncertainty, the annual meeting of the trust has been postponed from July 19 until October 6.

Mr Regan said Mr Leslau had to take action for the sake of the company because he was disappointed with the performance of the stock market in the property sector.

He added: "Whether it is as Prestbury or in a personal capacity, he is totally committed to this scheme.

"I am trying to keep things as calm as I can and am keeping the trust fully informed. To start again now would be ridiculous. This is the closest we have ever got to restoration."