Brighton i360 owes nearly £50 million to Brighton and Hove Council

Bosses admitted the attraction alone is “highly unlikely” to make enough money to repay the loan to Brighton and Hove City Council.

Accounts for the 2023 financial year released this month show that the company behind the controversial viewing platform made just a £170,000 profit in the last 12 months – just over a quarter of what they made the year before.

The report comes as the business says it aims to bring in new customers with extra attractions.

But bosses blamed “unfavourable weather” for the inability to make repayments after giving the council just £250,000 in the past two years.

The accounts released in July show Brighton i360 Ltd paid £700,000 to the council in June 2022.

The company has since been able to pay just £250,000 to the council from July 2022 to July 2024.

In the same period, the outstanding debt to the council has hit nearly £50 million – meaning that Brighton i360 has repaid its debt at a rate of 0.25 per cent a year.

At that rate the loan would be fully repaid in 2424.

Brighton i360 (Image: Newsquest)

Brighton and Hove City Council leader Bella Sankey called the lack of payments "incredibly frustrating", adding that the council has received just a quarter of the money they should have received from Brighton i360 Ltd.

Read More: Brighton i360 test flights carried out after closure

She said: “It is incredibly frustrating that at a time when we are experiencing such significant financial pressures on this council and its services, we are still not receiving regular payments from the Brighton i360.

“By now this council should have received nearly £24 million in loan repayments. Instead, we have received less than £6 million. This is contributing to the council’s financial challenges and the need to make even more savings.

Brighton and Hove City Council Leader Bella Sankey

“The current debt outstanding, including interest, is now more than £46 million.

“Each missed repayment is money which could have been spent on vital local services.”

The company has since brought in Sixes Cricket and a roller rink to try and boost trade as well as using the i360 viewing platform into a cocktail bar.

Julia Barfield, chairwoman of Brighton i360 Ltd, said the company “deeply regretted” not being able to make its loan repayment to the council in June.

She added: “Despite our best efforts, unfavourable weather, rising operating costs, and the cost-of-living crisis have reduced city spending and visitor numbers, hindering our return to pre-pandemic levels and affecting our ability to meet scheduled repayments.

Inside the Brighton i360

“We acknowledge the continuing impact this situation has on the city of Brighton and beyond, and we recognise the necessity of progress.

“These challenges do not, however, reflect our energy, creativity, or dedication. With the support of the council, we have developed a new vision for Brighton i360 as a modern beachside entertainment hub which is designed to supplement the main attraction with additional revenue streams.

“We have launched several new initiatives including an interactive cricket experience, an immersive cocktail bar, and a skate rink. While these features will take time to yield results, we are committed to their success throughout the remainder of this year and into the future.

“This vision will continue to expand over the course of the year with additional offerings being installed, which are hoped to attract existing and new audiences and increase revenue.”

“Brighton i360 remains one of the city’s most popular visitor attractions. It contributes positively to the local economy, has created more than a hundred jobs for local people, pays the Brighton living wage, has helped revitalise the seafront; and provides a unique experience to our guests as part of their trip to Brighton.”