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The i360 seaside tourist attraction in Brighton owes £51 million to the council

The post Brighton i360 tourist attraction files for insolvency appeared first on The Travel Magazine.

Brighton’s most eye-catching landmark, the i360 observation tower, is filing for insolvency. The doughnut-shaped observation tower located by the beach has been riding high up on a pole to reveal far-reaching views over the coastal city since 2016. 

The operators blame escalating costs, bad summer weather, and the cost-of-living crisis for its demise.

Brighton and Hove City Council, who loaned millions to the city landmark in 2014, has described the decision as “extremely disappointing.”  The i360 is the council’s biggest creditor and the decision leaves the council facing a loss is £32 million for its loan debt and interest repayable to the Government.

The Leader of Brighton and Hove City Council and Labour leader Bella Sankey blasted the development as a “day of shame” for the Green Party, which led the authority at the time, and a “sad day” for the city.

“Their calamitous decision to loan a vast sum of public money to this failed business venture has left the residents of Brighton and Hove £51 million out of pocket. Our council must now repay their folly amounting to over £2 million each year for the foreseeable future – money that could’ve been spent on nurseries, play areas, public toilets, preventing homelessness, road repairs, transitioning to net zero and dozens of other vital local services.”

Chairwoman of Brighton i360 Ltd, Julia Barfield, said the decision co*es after a “significant decline” in consumer spending and that the private co*pany will work closely with the council throughout the process.

“Additionally,” she said “we are working closely with the prospective administrators at Interpath to ensure the continued operation of the business during this period and to explore all potential avenues for restructuring.” 

The viewing deck will remain open while administrators search for a buyer to rescue the attraction.

Also read: What is it like to ride on the Brighton i360 attraction

 

The post Brighton i360 tourist attraction files for insolvency appeared first on The Travel Magazine.