Wed, 27 Nov 2024 | ADMINISTRATION
The company behind Brighton’s i360 viewing pod has filed for administration.
Brighton i360 Ltd owes £51 million to Brighton & Hove City Council, which said that it has received notice from the company of its intention to appoint administrators. The council therefore expects the company to enter administration in the near future.
The council said it understands that, once the company is in administration, the administrators from Interpath will review their options. These include keeping 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.
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 i360 glass viewing pod is 450 feet high providing locals and tourists with views over Brighton, the South Downs and the coast. It is also used for events such as weddings, conferences, film shoots, private events and Christmas parties.
Julia Barfield, chair of Brighton i360 Ltd, said the decision to file for administration was a direct result of escalating costs, unfavourable summer weather conditions and the cost-of-living crisis. It was also badly impacted by the Covid pandemic, hampering debt payments.
However, despite this it managed to post a turnover of £5.85 million in the year to June 30, 2023 up from £5.6 million the previous year.
In 2014, the council lent £36.2 million to Brighton i360 Ltd to fund the tower. In January this year, it had repaid £5.8 million. But under its original repayment schedule, it had been due to pay almost £18m by September 2023.
The council said the £51m debt consisted of the council loan at a commercially agreed interest rate, and a £4m Coast to Capital loan. The last payment to the council was made in June 2023.
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