(Bloomberg) -- The owner of an English coastal tourist attraction designed by the architects of the London Eye is racing to find a rescue buyer to avoid closing, after defaulting on £50 million ($63 million) of debt.
The Brighton i360 observation tower, which soars above the city’s skyline, opened in 2016 and offers visitors the chance to see across the country’s south coast at a height of 162 meters. Visitors were also able to ride on top of the capsule while it rose and fell.
However, the company that owns and operates the tower has failed to repay £50 million of debt to the local council which funded it, and is now hunting for a white knight buyer. It has today filed a notice of its intention to appoint administrators with the High Court, according to Interpath Advisory, which is leading the attempted sale. This is potentially the start of an insolvency process.
“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 closing unless a buyer can be found,” said Interpath’s Charlie Carter.
Tourist Destination
Brighton is a popular tourist destination, known for its Victorian terraced houses, a throwback to the city’s heyday as a seaside escape for well-heeled families.
Designed by architects David Marks and Julia Barfield, who also designed the London Eye, the Brighton i360 attraction was built on the site that once marked the entrance to Brighton’s ruined West Pier, which burned down.
In 2014, Brighton and Hove City Council agreed a deal with the company — Brighton I-360 Ltd. — to fund the construction using money from the government’s Public Works Loan Board. However, the attraction was hit by a fall in visitor numbers during the pandemic and prolonged closures. Cost-of-living pressures have further affected demand with additional amenities such as a roller skate rink and restaurants failing to offset poor ticket sales.
The attraction is expected to remain open in the immediate term with business as usual.
©2024 Bloomberg L.P.
