The council will not take over the running of the Brighton i360, according to the deputy leader Jacob Taylor in a statement this morning (Friday 20 December).
Brighton and Hove City Council said: “The council understands that Brighton i-360 Limited will file to enter into administration today (Friday 20 December).
“On Wednesday 27 November the council received notice from Brighton i-360 Limited of the board’s intention to appoint administrators.
“A 10 business-day extension to the ‘notice to appoint’ administrators period was given to provide more time to explore all options for investment.
“Unfortunately, a buyer has not been found and the Brighton i360 will now close with immediate effect.”
Councillor Taylor said: “We’ve been working closely with the Brighton i360 for months to try to find a buyer and avoid this outcome but unfortunately no viable offers have been received.
“It’s extremely disappointing that it’s come to this and my thoughts are with the staff at this difficult time.
“When councillors decided to back the i360 with public money in 2014 they submitted us to the market and this is what the market has delivered.
“We will continue to work closely with Brighton i360’s administrators, Interpath Advisory, to explore further options for investment.
“The council is not in a position to take over the operation of the i360 as that would mean investing more public money in the attraction, which we do not have, and I know the residents of Brighton and Hove – rightly – could not stomach.
“In the new year the council will ask for an external independent audit to be carried out to understand and learn from the original decision to loan public money to construct the Brighton i360.”
Councillor Taylor added: “Investment in Brighton i360 has clearly been a financial disaster for the council.
“Although the attraction has provided jobs and brought in business rates, regeneration of this site did not require such high public investment and the amount of money left unpaid to the council is money we now cannot spend on frontline service delivery.
“It’s important there is an investigation into how the decision at the time of agreeing the loan came to be made and learn lessons for the future.”
The council added: “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 December 2024, the total amount outstanding from the Brighton i360 under the financing agreement is circa £51 million, consisting of the Brighton and Hove City Council loan at a commercially agreed interest rate and the circa £4 million 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 circa £32 million.”
“they submitted us to the market and this is what the market has delivered.” ?? seems like the Council got stiched up and someone done a runner
All a bit of a mess. I suppose the only answer is to dismantle it, flog to some other resort for what would be a stonking loss. Bognor maybe?
Yes but I bet the council (us!) ends up paying for the demolition.
Sell the metal for scrap and let’s draw a line under it. Obviously those responsible, going against all sensible advice, should be held to account for this colossal waste of public funds. But we all know they won’t be. So let’s not pretend there’s any future. Get rid. Sell what’s valuable and maybe learn from it.
I take no joy in saying “we told you so” but perhaps the council could think twice in future before going against both public opinion and recommendations from commercial advisors. We’ve all lost out here and my thoughts go out to all those who’ve lost their jobs at Christmas
In some small way, those who made the decisions to go ahead with paying for this, are no longer in positions to make unwise decisions.
It’s a fair point. Perhaps the fact the council behind approving it are now long gone should serve as a warning for any current or future local councillors prepared to play fast and loose with our money
Did they ever offer combined weekend tickets to other local attractions such as free entry to Sealife, the Pavilion or the Regency Town House along with a ride in the i360?
Yes they did
The i360 website says it is still open! They should have honored Christmas bookings as not doing so makes an even worse impression.
The red aviation light atop the pole is lit. The pod is on the pole, its underside red lit at night. I wonder how this ongoing electricity need is to be financed. Does BHCC have to assume responsibility for ongoing costs of the closed ‘attraction’?
The West Pier Trust is the official and legal site landlord. Their silence deafens.
Correct, they are landlords and not the owners or organisation.
What would you want them to say, they are sorry the project has failed and disappointed they will no longer receive rent.
Where are mr KITKAT?
My prediction is that it will reopen with a new owner.
That owner will buy it for what its worth as a building and attraction.
They WILL NOT buy the current business and its debts.
The debt will be left to the city to pay back.
They can’t find a new owner/operator or sponsor that’s why it has closed down.
If the i360 is sold or not, the debt is already the cities.
Currently the business is for sale with its debt burden.
Without it the business would be viable.
The receviers will try to sell it with the debt.
When it can’t it will sell it without…
Sell it debt free and without any liabilities, puts an end to the loss and maybe there still remains the possible recovery of money from the mis-managers ??. If sold private maybe some ground rent can be paid ??