The i360, Brighton’s seafront observation tower, has asked Brighton & Hove City Council if it can reschedule its loan repayments.
The business currently pays the council £570,000 in interest repayments but the attraction is asking to reduce these payments to £25,000 until 2024.
The council said the proposal would mean it would still receive the full amount agreed and in the same timescale.
Howard Barden, head of Brighton & Hove City Council's tourism & venues said: ‘The i360 is a new business and it isn’t unusual for a business to reschedule loan repayments in the short term to sustain profitability in the long term; it’s a sensible and pragmatic business approach.
‘The attraction has already proven itself as a popular visitor draw and has made a significant contribution to the city’s local economy. In less than two years of opening, it has provided over £2.5m to the council, money that we would not otherwise have had.’
