i360 bosses ask to defer all repayments for whole of 2020!

[southstandandy]

Per the Argus today, I see the bosses of the White Elephant that is the i360 have asked to defer all repayments for the whole of 2020.

How long will it ever take to pay back the money borrowed to Brighton & Hove Council or will this end up getting written off as 'bad debt'?

Let the binfest begin.

 

[Hu_Camus]

As I see it, BA would not have shared any profits, so as a council tax-payer, I expect my council to pursue the matter with some vigour.
Heads we win, tails you lose isn't good enough -Caveat emptor.

 

[Bry Nylon]

Per the Argus today, I see the bosses of the White Elephant that is the i360 have asked to defer all repayments for the whole of 2020.

How long will it ever take to pay back the money borrowed to Brighton & Hove Council or will this end up getting written off as 'bad debt'?

Let the binfest begin.

Did you intend to post this in the Bear Pit forum or on the main forum?

 

[symyjym]

It won't get paid back in the arranged time. The best that the council can hope for is getting the business rates for the land for the next 150 years if it lasts that long. I think the business rates are between £200k and £400k I can't remember exactly. I'm not even sure if they have even made a payment for that yet.

We will have to bear the brunt of payments in our council tax, maybe around £10 a year on our council tax bill or somewhere in that margin.

 

[Weststander]

It won't get paid back in the arranged time. The best that the council can hope for is getting the business rates for the land for the next 150 years if it lasts that long. I think the business rates are between £200k and £400k I can't remember exactly. I'm not even sure if they have even made a payment for that yet.

We will have to bear the brunt of payments in our council tax, maybe around £10 a year on our council tax bill or somewhere in that margin.

In anti-i360 Argus articles stirring it up, it does indicate that business rates were met, they’re mentioned with no suggestion they weren’t.

Even in its second, less successful financial year the business took revenue of £6m and made an operating profit of £600k.

I think you’re right, it will be hard for the i360 to ever make inroads into the BHCC loan.

 

[symyjym]

In anti-i360 Argus articles stirring it up, it does indicate that business rates were met, they’re mentioned with no suggestion they weren’t.

Even in its second, less successful financial year the business took revenue of £6m and made an operating profit of £600k.

I think you’re right, it will be hard for the i360 to ever make inroads into the BHCC loan.

Yeah I wasn't too sure on the rates but at least they have made that.

 

[Billy the Fish]

It's a fair request shirley
They're not allowed to open and have no indication of when they will be open. I'd imagine this year is a write off for anything like that.

 

[The Clamp]

It's a fair request shirley
They're not allowed to open and have no indication of when they will be open. I'd imagine this year is a write off for anything like that.

It’s a gift for BA.
They have repeatedly deferred their repayments since It opened.
This is the perfect excuse to hide behind. They’d not have made their payments if there hadn’t been a pandemics.

 

[Official Old Man]

It's a fair request shirley
They're not allowed to open and have no indication of when they will be open. I'd imagine this year is a write off for anything like that.

Wait up.
I've two tourist shops a mere stones throw from them. I wont go into the long debate about locals knowing it would never make a penny but in reply to your post, I've not made a single sale for 3 months and before that ran at a break even winter for 5 months. Open now for 5 days and no tourists.
I've still paid all my suppliers
I've still paid rent
I've still paid rates
Yes the staff are furloughed but I've a family to keep and it's a struggle.
There's a fast food outlet near me in council property who have told the landlord their not paying rent. I cant do that.
Why one rule for big companies whilst us little guys are losing out.
And come to big claw back when Government decide to inspect companies for mis-claiming money guess where they will start, us easy little guys (I'm 100% clean but it's the hassle).

 

[Harry Wilson's tackle]

The thing that the Corbyn-left don't understand is that when there is a financial crisis it is essential that the government bail out the biggest companies first so the nation can be in the strongest position when the economy restarts.

And when it comes to naming and shaming the fradulent claimers it is essential to start at the bottom, because there are many more people on lower incomes, and it is important to make an example of them to warn others.

 

[marcos3263]

British Airways ends sponsorship of Brighton i360

BA to stop in November. the Argus comments are in their usual greens bashing fever but what to do with it??

It has limited repeat business as the views are nothing special ~(when the wife pointed out Primark I knew it had peaked) unless you make it a different sort of destination

Perhaps free entry but make it the best bar on the sea front - as long as everyone can get a drink in time to enjoy the view.

you cant have longer "flights" as no toilet on it so no complicated cocktails!

how much does it cost to actually go up and down? -

 

[Super Steve Earle]

Wait up.
I've two tourist shops a mere stones throw from them. I wont go into the long debate about locals knowing it would never make a penny but in reply to your post, I've not made a single sale for 3 months and before that ran at a break even winter for 5 months. Open now for 5 days and no tourists.
I've still paid all my suppliers
I've still paid rent
I've still paid rates
Yes the staff are furloughed but I've a family to keep and it's a struggle.
There's a fast food outlet near me in council property who have told the landlord their not paying rent. I cant do that.
Why one rule for big companies whilst us little guys are losing out.
And come to big claw back when Government decide to inspect companies for mis-claiming money guess where they will start, us easy little guys (I'm 100% clean but it's the hassle).

Just read your post as the thread re-activated. Hope trading is a bit better now.

 

[deletebeepbeepbeep]

Bin it and get the wheel back.

 

[BBassic]

Clusterf**k.

 

[Brovion]

Bin it and get the wheel back.

Indeed. As a family we went on the wheel several times, then went and had fish and chips on the pier. It was great. We went on the i360 once. That was great too and we enjoyed it, but as locals now we've 'done' it we don't feel the need to go back - and certainly not at more than £20 a pop.

No doubt they'll blame Covid, but it struggled from Day One as far as visitor numbers went; they never made their projections. Not sure what the future holds, perhaps they can knock it down sideways into the sea and it can become the new west Pier?


EDIT: I've done them a disservice. Apparently the basic adult ticket price is only £16.50. Still a bit too much imo, but then I do need to look for value. And as has been mentioned it's still the same view of Brighton and the surrounding area. (Cue Basil Fawlty jokes about 'herds of wildebeest').

 

[jackalbion]

I worked there for brief time after it opened and before I started University, we were always threatened with the idea that they would remove the sponsorship, if our uniform wasn't 100% correct. I used to tell people that the leaking air vent was a toilet, and it took 6 seconds to come down, great times.

 

[Tom Hark Preston Park]

Would seem that paying Twenty Quid to go on the i360 is about as popular as paying Twenty Quid to share yer Amex ST

 

[stewart12]

like many I've been on it once and it was fine, certainly not a bad experience but I have no interest in going again

 

[Westdene Seagull]

What a surprise ! It also looks like they are about to default AGAIN on a payment. Plenty of us pointed out at the time that the footfall predictions presented as part of the business case were fanciful .... almost corrupt. But the Greens lead by the idiot Jason 'runaway from my mess' Kitcat and the Tories ( well two of them pressured by G.Theobald ) voted the proposal through to fund it by a taxpayer protected loan. A dirty deal was struck. It's strange that those like @The Large One that accused those of us accusing the council of making up the footfall predictions have gone so silent after so many default on payments and footfall figures being so low .... even before Covid !

Time to scrap the bloody thing and sue Jason Kitcat, his slapper wife, Geoffrey Theobald and the architects ( who were close to being bankrupt before being paid millions for the i360 project ) for the costs.

Strange how council officers and councillors thought they could successfully build it when proper private enterprise walked away from funding it.

Been on it once ( for free ) - had more fun on the beach - utterly underwhelming.

 

[Pevenseagull]

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 Airways

www.theargus.co.uk