Brighton i360 attraction faces uncertain future over £51m debt

In November 2024, the i360 viewing pod in Brighton, England, filed for administration due to significant financial struggles. The decision to enter administration was influenced by a £51 million debt owed to Brighton & Hove City Council, alongside rising operational costs and a challenging economic landscape marked by the cost-of-living crisis and poor summer weather affecting visitor numbers. Julia Barfield, chair of Brighton i360 Ltd, acknowledged that these factors contributed to the company's financial instability. The history of debt repayment has been fraught with challenges for Brighton i360 Ltd, which was initially funded by a £36.2 million loan from the council agreed in 2014. This funding was intended to support the construction of the i360 tower, which stands 531 feet tall, but the company has struggled to meet its repayment obligations. Payments adversely lagged, with a required annual payment of £1.49 million, of which only £250,000 was made last year. After missing substantial payments, the company managed to repay only £5.8 million of the total debt by January 2024. However, according to the original repayment schedule, the company was anticipated to pay almost £18 million by September 2023. The council has communicated that this debt directs economic losses back to their budget, creating further implications for the local council and city services. Looking forward, the council remains engaged with the administration process, highlighting the desire to explore all options for restructuring the i360 while balancing financial viability and visitor demand. Administrators will assess the possibility of keeping the i360 open in the short to medium term in hopes of finding a buyer, although the exact future of the attraction remains uncertain at this time.