Laura Sharman 07 June 2018

i360 asks to delay loan repayments to council

i360 asks to delay loan repayments to council image

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.’

SIGN UP
For your free daily news bulletin

Public Property

Latest issue - Public Property News

This issue of Public Property examines how how flexible workspaces can lead the way in regeneration for local authorities, Why local authority intervention is key to successful urban regeneration schemes and if the Government’s challenge of embracing beauty is an opportunity for communities.

The March issue also takes a closer look at Blackburn with Darwen Council's first digital health hub to help people gain control over health and care services.

Register for your free digital issue