Three months ago a millionaire property developer vowed to save an iconic pier.

Mike Holland’s dramatic bid to rebuild the West Pier in Brighton caused shockwaves across the city.

But now his £25 million scheme is treading water.

As The Argus exclusively revealed, Mike Holland was working with architects Angus Meek to restore the West Pier in Brighton.

Mr Holland hoped the pier, which was destroyed by fire in 2003, could be open by 2016, in time for its 150th anniversary.

But Mr Holland, who had planned to redevelop the pier in a similar way to Weston-super-Mare’s restored pier, has now said he is pulling out for the time being due to the “lacklustre” response of the West Pier Trust, which owns the site.

Now it has emerged that the trust is also in talks with businessman John Regan over a separate plan to rebuild the structure.

Mr Regan was unavailable for comment last night.

Mr Holland said he had offered to build a new West Pier because the trust had failed to find anyone willing to do it.

He said: “ To my knowledge they have been trying to get this off the ground for at least the past two decades with no success whatsoever. Why on earth would anyone think that in these straitened times it is likely to happen now?

“However in an effort to be fair and reasonable I have decided to step aside to give the West Pier Trust time to get their house in order and to that end I am writing to them with my revised offer.

“I want them to agree with me now that they have one year to establish exactly where they are and to remember the reason why the trust was set up in the first place.”

Rachel Clark, the chief executive of the trust, said the trust could not have time and terms dictated to it.

She said: “We welcomed Mr Holland’s proposals but it is still difficult to know exactly what his plans are.

“We are seeking clarification from him on a number of points.”

Glynn Jones, the chairman of the trust, said it was essential any scheme to rebuild the pier did not clash with the i360 observation tower.

The tower, proposed by international architects Marks Barfield, has planning permission but has been delayed whilst finance is being arranged.

Mr Jones said the trust was contractually committed to Marks Barfield whose scheme would encourage development of a new pier.

Should the West Pier Trust work with Mr Holland to provide a new West Pier?