Brighton i360, an observation tower attraction which owes £51 million to the council, has filed for administration.
In a statement, Brighton & Hove City Council said it has received notice from Brighton i360 Ltd, a private limited company, of the board’s intention to appoint administrators.
The council said it expected Brighton i360 Ltd to enter administration in the near future. When that happens, administrators will review their options. If it’s financially viable and sufficient visitor demand exists, the attraction will remain open for the short to medium-term while the administrators attempt to find a buyer to rescue the attraction.
Buyer needed to rescue i360
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.”
Via the BBC, Julia Barfield, chair of Brighton i360 Ltd, said the company’s move to appoint administrators was a direct result of escalating costs, poor weather conditions in the summer, and the cost-of-living crisis.
The Brighton i360 opened in August 2016, after councillors agreed to take out a government loan and pass it on to developers Brighton i360 Ltd.
As of November 2024, the total amount owed to the council was £51m. 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 circa £32 million,” the council said.
Formerly known as British Airways i360, the visitor attraction was conceived and designed by Marks Barfield Architects, creators of the London Eye.
Images courtesy of Brighton i360 Ltd
