Laura Sharman 07 June 2018

i360 asks to delay loan repayments to council

i360 asks to delay loan repayments to council

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.’

 
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