Steve Absolom and Will Wright from Interpath were appointed joint administrators to Brighton I-360 Limited earlier today, 20 December 2024.
The Company owns and operates the i360 observation tower in Brighton, a 162m high observation tower designed by renowned architects David Marks and Julia Barfield.
The Company had significant legacy liabilities dating back to the time of its construction. Unfortunately, trading revenues over recent years were insufficient to fund both the attraction’s operating costs and the debt repayments as they fell due.
Over recent weeks, the directors sought to seek a buyer who would be able to take the business forward with new investment. Unfortunately, however, a transaction was unable to be agreed, and as such, the directors resolved to place the Company into administration.
Regrettably, with no funding available for the attraction to continue to operate, and following the appointment of the joint administrators, the Brighton i360 has closed with immediate effect. Sadly, all 109 employees have been made redundant.
Customers are advised that all forward bookings will not be able to go ahead.
Steve Absolom, managing director at Interpath and joint administrator, said: “First and foremost, our thoughts are with the loyal and dedicated staff at i360 who will be devasted by this news, particularly given the time of year. Our immediate priority will be to work with all of them to provide them with the support they need to make claims to the Redundancy Payments Service.”
Steve Absolom added: “Despite engagement with key stakeholders and several interested parties in 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.”
Interested parties are advised to contact Charlie Carter at Interpath via [email protected]
