I believe the business case was based on a significant amount of repeat business. That was never going to happen. A perfect example of a business case being prepared to match the desired outcome. And remember there was even a special bus service from the station to i360 as they were clearly expecting significant numbers of people to come into town just to visit the i. It lasted a matter of weeks. The whole thing was a stitch-up. The money should have been put towards reconstructing the West Pier.
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i360 bosses ask to defer all repayments for whole of 2020!
- Thread starter southstandandy
- Start date
It should have been put towards something useful for the local community not a complete eyesore that benefited locals in absolutely no way what so ever. It adds absolutely nothing to the seafront.
BBassic
I changed this.
- Jul 28, 2011
- 12,413
You get a better view from Devil's Dyke than you do from that sodding tower. And the bus out there is cheaper.
B-right-on
Living the dream
According to that article the Council got £700k last month from them as a 6 monthly payment to debts. Looks possible that it's making money that's not being snaffled by BA now.With BA finishing their sponsorship at the end of the month it's been announced that the new sponsors are no one.
But it will have a new logo.
RECAP: i360 reveals no new sponsor will replace British Airways
We are bringing you live updates and reaction as the i360 reveals that no new sponsor will replace British Airwayswww.theargus.co.uk
Pevenseagull
Anti-greed coalition
- Jul 20, 2003
- 19,722
I'm not sure BA were taking any money from it as sponsors . I may be wrong.
and isn't that any cash in the business from the peak season ignoring that they are not repaying the debt?
Again, I may be wrong. Not as wrong as the people who thought it was a good idea, but my own little wrong that isn't a waste of tens of millions of pounds.
EDIT: next payments are £900K in December and £600K in June.
However it has debts of £47 million.
I don't know how these things work but IF they were looking to pay off the debts in 15 years at 6% that's roughly £400K per month.
Say £5million a year.
The most number of visitors was about 500,000 in the first year. So they'd need to make £10 average net from every visitor and equal their record year in year out
Last edited:
portslade seagull
Well-known member
Maybe should be sponsored by White Elephant
Bold Seagull
strong and stable with me, or...
It was central government loan toward a capital investment project. That loan wouldn't have existed just for the council to have done something locally, it had to be something significant. It's not like the council had £37m to spend on other stuff and decided to stick this pole up. The whole pitch to the council was that it shouldn't cost them anything, will pay for itself and regenerate that part of the seafront - which it has. Wasn't just the council that supported it either, the West Pier Trust threw their support behind it as the best way to see the pier redeveloped.
I still like it, giving incredible views of this fantastic city and beyond.
The seafront east of The Meeting Place has been completely transformed for the better from the rundown post war look it had in the 70’s and 80’s. 10,000’s of visitors every weekend or sunny weekday. The i360 is part of this.
The seafront east of The Meeting Place has been completely transformed for the better from the rundown post war look it had in the 70’s and 80’s. 10,000’s of visitors every weekend or sunny weekday. The i360 is part of this.
Tom Hark Preston Park
Will Post For Cash
- Jul 6, 2003
- 70,433
Fair enough, the i360 paid £700k of its loan repayments to the council at the end of June, but Argus reports it is going to default on its £900k payment due at the end of December
www.theargus.co.uk
With the cost of living crisis ripping through the country now, can't see things getting any better for the i360 in 2023 sadly
i360 to default on latest loan repayment blaming 'economic crisis'
Brighton i360 will default on its latest repayment of its multi-million-pound loan from the council.
www.theargus.co.uk
With the cost of living crisis ripping through the country now, can't see things getting any better for the i360 in 2023 sadly
Tom Hark Preston Park
Will Post For Cash
- Jul 6, 2003
- 70,433
They seem to have made the offering slightly more attractive recently, but you're still looking at about £75 for a family of 4 for a 25 minute fairly dull ride. And when you consider its free to go on the Palace Pier, there's loads to see and do and you can stay on there as long as you like, its a bit of a no-brainer for the tourist pound
If memory serves me correctly you get to 'ride' for around 30 minutes. Slow climb up, a while at the top and then a slow descent. Once on you get 180 degrees of sea and 180 degrees of Brighton and Hove. Problem being that there isn't the things to see from up high like there is from say the London Eye or the Sky Garden in London.
It would be better named The Brighton Folly.
Tom Hark Preston Park
Will Post For Cash
- Jul 6, 2003
- 70,433
Ha
Having said that, it does give some decent photo opportunities on a clear day. Here's one I took the last time I took some visitors on it (made slightly more affordable as you can buy a residents pass for £1 that gives you discounted rates)
Half Time Pies
Well-known member
If you are a resident of Brighton and Hove tickets are half price.
If you are a tourist I doubt it would be a choice between the pier or the i360, theres a high chance that they would do both I would imagine. You might not pay to get in the pier but If you have children it normally ends up costing quite a bit!
Half Time Pies
Well-known member
This is a good point, you can't look at these things in isolation, It's part of a number of things that attracts tourists to Brighton and brings in money to the city.
I was down there this morning for the santa flight with the kids and walking around that area thinking how nice it is. In the summer that part of the seafront is absolutely packed with tourists.
drew
Drew
Been on it once and checked sunset times before booking so we got to see sun dip down over the horizon which made it a little bit special as we were lucky it was a clear day. Will probably do it again sometime but that would probably be about it.
Pevenseagull
Anti-greed coalition
- Jul 20, 2003
- 19,722
Evidently the council have decided to carry out another urgent review of the debt.
I also note that, towards the end of the piece, the last review assumed that visitor numbers would increase in 2026.
Have these ****s thought about going on Dragons Den?
www.brightonandhovenews.org
I also note that, towards the end of the piece, the last review assumed that visitor numbers would increase in 2026.
Have these ****s thought about going on Dragons Den?
Missed loan payment spurs council to review Brighton i360 debt
An urgent review of the i360’s debt is under way after the tourist attraction failed to make its recent loan
www.brightonandhovenews.org
This was just so predictable - and so widely predicted. The regeneration argument holds up to examination fleetingly. That part of the seafront is greatly improved. How much though would they have needed to borrow to tart up the area without building the pole - 25% of that?Evidently the council have decided to carry out another urgent review of the debt.
I also note that, towards the end of the piece, the last review assumed that visitor numbers would increase in 2026.
Have these ****s thought about going on Dragons Den?
Missed loan payment spurs council to review Brighton i360 debt
An urgent review of the i360’s debt is under way after the tourist attraction failed to make its recent loan
I appreciate the council probably had to agree to this flight of fancy to secure the funding in the first place and there’d need to be some way repaying the loan. But, for me, it falls into the ‘world’s gone mad’ category. Seems like a private company uses the council to obtain the money it needs, then takes the profit if the venture’s a success. If it fails, the taxpayer’s left with a slightly improved seafront (marred by what will become the world’s tallest rusty flagpole) and a gigantic bill. Surely I must be missing the bit where this somehow makes sense.
dejavuatbtn
Well-known member
They can review all they want. The debt won’t go away whatever decision they make on its future. Brighton’s answer to the Springfield Monorail.