WAVE BYE
Popular seaside town’s major tourist attraction forced to close for good
It opened back in 2016, costing £46million to build
A TOP tourist attraction in Brighton has been forced to close with immediate effect.
The Brighton i360 filed for insolvency last month, citing financial issues.
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However, a statement issued to the local council today confirmed that it will now be closed.
It said: "On November 27 the council received notice from Brighton i-360 Limited of the board's intention to appoint administrators.
"A ten business-day extension to the ‘notice to appoint’ administrators period was given to provide more time to explore all options for investment.
“Unfortunately, a buyer has not been found and the Brighton i360 will now close with immediate effect.”
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An investigation is now being launched into the closure, cited as a "financial disaster".
Councillor Jacob Taylor told local media: "We’ve been working closely with the Brighton i360 for months to try and find a buyer and avoid this outcome, but unfortunately no viable offers have been received."
He added that the council were "not in a position" to take over the attraction, as it would mean more public funding.
Steve Absolom, managing director at Interpath and joint administrator, said their thoughts were with the "loyal and dedicated staff".
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He said: "Despite engagement with key stakeholders and several interested parties over recent weeks, the directors have been unable to secure a rescue deal and avoid administration.
"Our focus will now be on working with the freehold landowners to establish a short window of opportunity for someone to step forward and resurrect the business on the site in the New Year."
The UK's best seaside attraction is 'like stepping into a time capsule' - and only an hour from London (New Palace and Adventureland, New Brighton)
The 531ft observation tower opened in 2016, with views overlooking the coastline.
Created by the team behind London Eye, it cost £46million to build, with £36million funded by the local council's Public Works Loan Board (PWLB).
Initially named British Airways i360 due to its sponsorship, it changed to Brighton i360 when this ended in 2022.
At the time, it said it would "transform the city [and be] recognisable throughout the world".
Despite hopes to welcome as many as 739,000 people a year, the attraction never hit these numbers.
Brighton and Hove City Council previously said said the amount now owed was around £51 million.
The closure comes after the announcement of the multi-million renovation of Madeira Terrace on the Brighton seafront.
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Having been closed for 12 years, the Grade II listed structure was built in the 1890s and will be transformed with 28 of the 151 arches and bays restored.
And last summer, a new seafront lido opened on the Brighton seafront.
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