SEAFRONT TOWER WHICH SHUT WITH £50M DEBTS GIVEN DRAGON'S DEN LIFELINE

A troubled seafront tourist attraction which closed suddenly after facing a series of financial problems has been bought by a new Dragon's Den buyer.

Nightcap, which runs more than 40 venues including The Cocktail Club and Tonight Josephine bars, confirmed it had purchased observation tower Brighton i360 on Tuesday.

Under the agreement, Nightcap takes over the remaining 115-year lease of the i360.

Sarah Willingham, founder and chief executive of Nightcap and former Dragon on Dragons' Den, said: 'We couldn't be happier to welcome the i360 to the Nightcap family and delighted that Brighton and Hove City Council has paved the way for us to keep this iconic landmark open.

'We pass the i360 every day and were as disappointed as everyone else when it went into administration and no buyer was found. 

'The impact of its closure would have been catastrophic to our local businesses and a blemish on this important part of the Brighton seafront. 

'We hope we will get the support of our tight knit local community as we embark on this new chapter for the i360.' 

It comes after Brighton and Hove City Council agreed to write off the i360's £51 million debt last month so that it could be sold and get back in business.

Brighton i360 had filed for administration after it failed to find a buyer, just days before Christmas last year, closing with immediate effect and making 109 employees redundant.

Councillor Jacob Taylor, deputy leader of the Labour-run Brighton and Hove City Council, added: 'We are delighted that Nightcap has taken such a keen interest in revitalising the i360, and their passion and commitment to the city is evident. 

'We think this is the best option for the city - giving a fresh start for the attraction, and helping to ensure this important stretch of seafront can thrive.'

Brighton's financially troubled i360 tower closed with immediate effect in December.

The 162metre observation tower, which sits on the coastal city's seafront and was designed by architects of the London Eye, opened in 2016.

But owners Brighton I360 Ltd, failed to pay £51million of debt to the local council, which funded the tower's construction using money from the government's Public Works Loan Board in 2014.

Debts accumulated when the attraction was hit by a fall in visitor numbers during the pandemic, while additional attractions such as a roller skate rink also affected ticket sales.

The company in November filed a notice of its intention to appoint administrators, who the following month informed staff they had been made redundant after the company failed to find a new buyer.

In a statement at the time, Brighton & Hove City Council said it would investigate 'how the decision at the time of agreeing the loan came to be made and learn lessons for the future.'

It added that it would not be taking over the operation of the attraction or investing any more money into it, with the £51million debt considered 'a financial disaster for the council'.

Julia Barfield, Chair of Brighton i360 Ltd, said in November: 'After careful consideration, we have made the difficult decision to file a notice of intention to appoint administrators.

'This decision is a direct result of escalating costs, unfavourable summer weather conditions, and the ongoing cost-of-living crisis, which have collectively led to a significant decline in consumer spending across the UK.

'We continue to work closely with the council maintaining ongoing communication and collaboration throughout this process.'

She added: 'We would like to reassure both our valued employees and customers that we remain fully operational. We sincerely appreciate your ongoing support and are committed to keeping you informed with any important updates as soon as they become available.'

Brighton's i360 was designed by architects David Marks and Julia Barfield, and built on the site that used to marked the entrance to Brighton's ruined West Pier, before it burned down.

Local residents however were not surprised by the news of its closure and said the £18.50 adult ticket price was too hefty for what the attraction offered.

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2025-02-05T00:39:39Z