i360 Successfully Defers Repayments to December Amid Criticism
The i360 recently received a wave of local criticism. The attraction has been said by many to have fallen short of expectations, leading to a request to restructure their payment plan with the council. This alleged failure even led the Brighton Palace Pier boss to offer to run the site.
However, despite criticisms levelled at the i360, its owners will be relieved. They have successfully gained another 6 months to give a payment towards recouping their £1 million a year bonus margin payments as well as the £36 million loan itself. Due to a shortage in their expected visitor numbers the owners were set for a financial struggle.
The council and i360 should now have sufficient time to resolve the issues surrounding the tower. They have until December to work out the best, most viable, restructure of the loan repayment.
The owners are now looking for forward motion. Founding director Julia Barfield has let councillors know that plans are being made to salvage the i360’s success. She said that they will aim for more stag and hen parties, conferences, as well as encouraging more financially successful schemes like their kids-go-free promotion and sky dining.
It’s clear that the i360’s owners are serious about their handling of the site, and want it to be a huge success. Only time will tell if they can achieve their goals.