The i360 is to file for administration still owing £51 million to the city, the council has announced.
Brighton and Hove City Council says it has received notice from Brighton i-360 Limited, of the board’s intention to appoint administrators. The council therefore expects the company to enter administration in the near future.
It is now going to be put up for sale and administrtors Interpath say unless it finds a buyer, there’s a real risk it will close.
Charlie Carter from Interpath, who is leading the sales process said: “The Brighton i360 has become an iconic visitor attraction, welcoming hundreds of thousands of visitors each year, but unfortunately is now at real risk of closure unless a buyer can be found.”
The council says it understands that, once the company is in administration, the administrators from Interpath will review their options.
These include continuing to keep the attraction open for the short- to medium-term while the administrators attempt to find a buyer to rescue the Brighton i360 – if financially viable and sufficient visitor demand exists.
Brighton i-360 Limited is a private limited company, which the council loaned money to in 2014 – the council remains the major creditor.
As of November 2024, the total amount outstanding from the Brighton i360 under the financing agreement is c. £51million (consisting of the Brighton and Hove City Council loan at a commercially agreed interest rate, and the c. £4million Coast to Capital loan). The last payment to the council was made in June 2023.
The actual loss to the council relates to the underlying loan debt and interest repayable to government which stands at c. £32million.
Deputy council leader Jacob Taylor said: “It is extremely disappointing that the Brighton i360 is filing for administration. This leaves a large unpaid amount to the city council, which will have an impact on the overall budget.
“I think it is important that the council and the city reflects on the decisions that have led us to this point – and learn lessons for the future.”
Charlie Carter from Interpath, who is leading the sales process, said: “The Brighton i360 has become an iconic visitor attraction, welcoming hundreds of thousands of visitors each year, but unfortunately is now at real risk of closure unless a buyer can be found.”