Brighton & Hove City Council (BHCC) is expecting Brighton i-360 Limited, the company which owns beleaguered tourist attraction Brighton i360, to enter administration in the near future after receiving notice of the board’s intention to appoint administrators.
The council understands that, once the company is in administration, the administrators will review their options generally including, if financially viable and sufficient visitor demand exists, continuing to trade the business and keep the attraction open for the short- to medium-term while the administrators attempt to find a buyer to rescue the Brighton i360.
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 is 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.
The actual loss to BHCC relates to the underlying loan debt and interest repayable to government which stands at c. £32million.
Councillor Jacob Taylor, Deputy Leader and Cabinet member for Finance and City Regeneration, 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.”
