Brighton i360 Attraction Files for Administration

Brighton i360 Limited, the company behind the iconic observation tower, has announced plans to enter administration due to £51 million in unpaid debt to Brighton and Hove City Council. The company has not made loan repayments since June 2023 and attributes its financial troubles to rising costs, poor weather, and the ongoing cost-of-living crisis, which have significantly hindered visitor numbers. Despite filing for insolvency, the tower will remain operational while the administrators from Interpath Advisory seek potential buyers to prevent permanent closure. The council, which has already restructured the loan terms in the past, is facing a considerable financial impact from the situation, with an estimated loss of around £32 million. Originally intended to be privately funded, the project had to rely on public loans following the financial crash in 2008. The future of the Brighton i360 now hangs in the balance as it seeks a last-minute rescue.