Brighton & Hove City Council has received notice from Brighton i-360 Limited of the board’s intention to appoint administrators. The council therefore expects the company to enter administration in the near future.
The council understands that, once the company is in administration, the administrators from Interpath 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.
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 November 2024, the total amount outstanding from the Brighton i360 under the financing agreement is circa £51million (consisting of the Brighton & Hove City Council loan at a commercially agreed interest rate, and the circa £4million Coast to Capital loan). The last payment to the council was made in June 2023.
Read more here