Auctioneers Swindells said the structure had been sold to a "venture partnership" in excess of the guide price, but provided no further details.

BBC: Cleethorpes Pier sold at auction

The beauty of the structure is that the insurance is sold only on a rolling six-month basis.

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When cost structure is maintained almost all the revenue drops to the bottom line beyond the cost of goods sold.

FORBES: 5 Ways To Control Costs