The iconic Brighton i360 observation tower is teetering on the brink of closure as its operating company prepares to enter administration, weighed down by a staggering £51 million debt to the local council.
Brighton i360 Ltd, which secured substantial funding from Brighton & Hove city council in 2014 for the development of the 450-foot viewing tower, has failed to make any debt repayments for approximately 18 months. The structure, featuring a distinctive doughnut-shaped glass pod, has struggled to maintain financial viability amidst challenging market conditions.
Julia Barfield, chairwoman of Brighton i360 Ltd, cited a perfect storm of adverse factors, including poor summer weather, escalating operational costs, and reduced consumer spending power. The company has enlisted Interpath administrators to oversee operations while seeking potential restructuring solutions or a rescue buyer.
The observation platform, designed by the creative minds behind the London Eye, Julia Barfield and David Marks, opened its doors in 2016 with initial backing from British Airways. Despite attracting hundreds of thousands of visitors annually, the attraction’s financial performance has consistently fallen short of expectations.
Charlie Carter, leading the sales process at Interpath, emphasised the urgent need to secure a buyer to prevent the tower’s closure. Meanwhile, Jacob Taylor, deputy leader of Brighton & Hove city council, expressed significant concern over the unpaid debt’s impact on the city’s budget, describing the situation as “extremely disappointing”.
The development marks a crucial turning point for one of Brighton’s most recognisable landmarks, with its future hanging in the balance as administrators race against time to secure a viable solution.
Post Disclaimer
The following content has been published by Stockmark.IT. All information utilised in the creation of this communication has been gathered from publicly available sources that we consider reliable. Nevertheless, we cannot guarantee the accuracy or completeness of this communication.
This communication is intended solely for informational purposes and should not be construed as an offer, recommendation, solicitation, inducement, or invitation by or on behalf of the Company or any affiliates to engage in any investment activities. The opinions and views expressed by the authors are their own and do not necessarily reflect those of the Company, its affiliates, or any other third party.
The services and products mentioned in this communication may not be suitable for all recipients, by continuing to read this website and its content you agree to the terms of this disclaimer.