An iconic seaside attraction on Britain’s south coast could be about to close.
Brighton’s seafront tower, Brighton i360, which offers incredible views, is on the verge of insolvency after its bosses announced they have gone into administration.
The bosses have blamed factors such as escalating costs, bad summer weather and the cost-of-living crisis for their decision to close down.
The tower’s viewing deck will remain open while it enters the financial process and reviews its options – including trying to find a new buyer for the property.
But Brighton and Hove City Council chiefs have said the ‘extremely disappointing’ move will hit the council’s budget after it loaned millions to the project in 2014 and remains its biggest creditor.
The total amount owed to the council at the start of this month was a staggering £51million, while the actual loss to the council stands at £32million for its loan debt and interest repayable to the Government, the council said.
Labour leader of Brighton and Hove City Council, Bella Sankey, called the day the closing plans were announced a ‘day of shame.’
She continued: ‘Their calamitous decision to loan a vast sum of public money to this failed business venture has left the residents of Brighton and Hove £51million out of pocket.
‘Our council must now repay their folly amounting to over £2million 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.’
Chairwoman of Brighton i360 Ltd, Julia Bartfield said the decision comes after a ‘significant decline’ in consumer spending in the country.
She said: ‘We are working closely with the prospective administrators at Interpath to ensure the continued operation of the business during this period and to explore all potential avenues for restructuring.’
The landmark only opened in 2016.
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