AN ICONIC seaside attraction could soon be torn down as it faces crippling £51million debts.
Bosses of Brighton seafront’s observation tower, Brighton i360 have pointed to eye-watering costs, poor weather and the squeeze of the cost-of-living crisis as reasons for the potential shuttering.
Despite filing for insolvency, the popular spot will be open to the public as it desperately searches for a buyer to rescue the attraction.
“The Brighton i360 has become an iconic visitor attraction, welcoming hundreds of thousands of visitors each year, but unfortunately is now at real risk of closure unless a buyer can be found,” Charlie Carter, from Interpath, who is leading the sales process, said.
Brighton and Hove City Council say total amount owed to the council was £51 million, while the actual loss to the council stands at £32 million for its loan debt and interest repayable to the Government.
“Their calamitous decision to loan a vast sum of public money to this failed business venture has left the residents of Brighton and Hove £51 million out of pocket,” council leader Bella Sankey said.
“Our council must now repay their folly amounting to over £2 million each year for the foreseeable future – money that could’ve been spent on nurseries, play areas, public toilets, preventing homelessness, road repairs, transitioning to net zero and dozens of other vital local services.
“Their calamitous decision to loan a vast sum of public money to this failed business venture has left the residents of Brighton and Hove £51 million out of pocket.”
Deputy leader Jacob Taylor weighed in, saying the sight’s financial predicament will pummel the council budget.
He said: “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.”
Brighton and Hove City Council’s Green Party convenor Steve Davis urged for the best positive outcome from the situation being in the interests of the council and city residents.
“The i360’s history spans nearly two decades across both Green and Labour administrations,” he said.
“Alongside the i360 came a huge amount of regeneration for a long-neglected part of the city, the benefits of which are still being felt today, and there is collective responsibility for both the positives and downsides to this investment in our city.”
It comes after the city revealed multi-million-pound plans to renovate its waterfront.
Part of the huge project will see Madeira Terrace, in the popular seaside town of Brighton, transformed.
Sections of Madeira Terrace have been closed for 12 years because the structure was deemed unsafe for visitors.
Madeira Terrace is an 865m-long stretch of seafront arches, with the Grade II* listed structure soon benefitting from a huge overhaul thanks to £750,000 worth of funding from Historic England.
Historic England’s grant will help to start the renovation project.
The first phase of the project will see 28 of its 151 ornate arches and bays restored.
A new fully accessible lift will also be installed, with construction work slated to start later this month.
Madeira Terrace was originally built between 1890 and 1897, during the reign of Queen Victoria.
Designed by Philip C Lockwood, the Victorian terrace was used as a place for locals and holidaymakers to take in sea views.
The covered walkway had a shelter hall and a three-stage lift tower and is thought to be the longest continuous cast-iron structure in the UK.
