| Brighton & Hove City Council (BHCC) has announced that Brighton i-360 Limited will file to enter into administration today (Friday, November 20), leaving the council millions of pounds out of pocket. It is alleged that staff working at the venue, which has now closed its doors, will not be paid before Christmas.
On November 27 BHCC received notice from Brighton i-360 Limited of the board’s intention to appoint administrators. A ten business-day extension to the ‘notice to appoint’ administrators period was given to provide more time to explore all options for investment. According to the council, a buyer has not been found, therefore the venue will close with immediate effect. Councillor Jacob Taylor, Deputy Leader and Cabinet member for Finance and City Regeneration, said: “We’ve been working closely with the Brighton i360 for months to try and 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 & Hove – rightly – could not stomach. BHCC has said it will ask for an external independent audit to be carried out in the new year 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.” BHCC loaned money to Brighton i-360 Limited, a private company, in 2014. As of November 2024, the total amount outstanding from the Brighton i360 under the financing agreement was c. £51million (consisting of the BHCC 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. |
Brighton i360 enters into administration with staff allegedly told they will not be paid ahead of Christmas
