Incredulous and angry

Oh the irony, the i360 irony! Brighton & Hove Council has agreed to release the security on its £51m loan debt and rolled-up interest in the failed i360 business. Concerted efforts were made to find a buyer before it went into administration late last year - see i360 stranded sky with sky high debts - but without success. Writing off the debt, the council concluded in an urgent meeting last night, was the only way forward, leaving the administrators, Interpath Advisory, free to negotiate with an as-yet unnamed buyer.

A full report of the council meeting and write-off decision can viewed at the Brighton & Hove News website. The council leader Bella Sankey was reported as saying: ‘If the i360 can operate again then it can help bring in business rates. And if we proceed with the recommended buyer that has come forward, the city council will get a small share of future revenues. While this may be the least-worst option, I understand why residents are so incredulous that this situation has come to pass - I’m incredulous and angry.’

Sankey also suggested that a derelict i360 would become like the West Pier but without its ‘rugged rustiness’ loved by many. The ironies of this situation, of course, are as visible as the i360 tower itself. Part of the rationale for the original project was that it would generate funds for the West Pier Trust, which owns the West Pier ruin and the land on which the i360 sits, and that it could lead to a rebuilding of the West Pier - ha ha! Now, though, the rusting West Pier still stands, a warning to all those involved with the i360 of where abandonment can lead. And yet, that abandoned infrastructure has also deteriorated, one might say, into one of Brighton’s major tourist attractions.

It is worth noting this from the council’s report to last night’s meeting: ‘Restarting operation of the attraction is important, and not just for the visitor economy. Any option that sees the attraction abandoned would result in a significant and extremely visible blight - not just to the beach but in key views across the whole city. The practical reality is that demolition of the attraction could, potentially, end up falling to the council and could also come at considerable cost.’

And here is the (rather optimistic) conclusion to that report: ‘The i360 has been a catalyst for regeneration benefits in that part of the seafront, and it has positively contributed to the city’s tourism economy since 2016. However, these benefits have come at considerable cost to the public purse, and the money could have been used to deliver other public benefit. The new owners come with a clean slate and are not linked to the previous ownership and are not in any way responsible for the previous harm to the public purse. As such they and the i360 should be supported to be a success so has the potential to generate revenue that the city council will share into the future.’

We wait to learn who next will take on the sky-high attraction. (NB: The photograph above dates from 10 years ago during the construction phase - does it bring a headless chicken to mind?)