[Brighton] i360 filing for administration

[Guinness Boy]

Just looked up this Nightcap company…..they look a bit shit.

Barrio Shoreditch looks right in your wheelhouse

 

[Herr Tubthumper]

Barrio Shoreditch looks right in your wheelhouse

“OUR 80S MUSICAL BINGO BOTTOMLESS BRUNCH!”

What the f***?

 

[Hugo Rune]

It'll be buy a ticket and a bottle of prosecco which you can't take off the i360, so chug it down during your 15 minute ride. Maybe with a different theme during the day-time installation of your 15 minutes of fame.

I suspect the whole building will be a restaurant/venue. The actual viewing platform has no toilet or kitchen, I think it will just go up and down constantly. They’ll just charge a premium to sit in that area of the restaurant I would imagine.

 

[Westdene Seagull]

Yes.

Whether you were one of the dozens on here who showed the extraordinary foresight to say this project would fail and are creaming themselves to remind us all that they were right, the city of Brighton has had a massive punt on this working out. It's terrible for the city and expensive if it's just decaying.

The fact that someone has taken it on is brilliant news for Brighton

As one of those people with "extraordinary foresight" I'm certainly not "creaming myself" about the i360's demise. It was very basic maths that showed it couldn't produce the income promised in the business plan, not some mega ability to predict the future. I'm glad it's been taken over, with the reservation that even taking away the loan value i360 Ltd couldn't even cover it's operating costs so I'm not sure any company can make this profitable or break even. That doesn't stop the fact that idiot councillors have lumbered the local taxpayer with considerable debt to pay back - the council should not be getting into private enterprise - they are there to provide services not gamble taxpayers money on madcap schemes.

 

[Herr Tubthumper]

Im going to stop looking into NightCap......it's terrifying.

 

[crabface]

Nightcap, describe the i360 as "Iconic" on their website!

What sort of "Iconic" are they aiming at? An "Iconic" eyesore and poor idea from the start?

 

[AK74]

Nightcap, describe the i360 as "Iconic" on their website!

Iconic? No.

Moronic? Yes.

 

[ROSM]

As one of those people with "extraordinary foresight" I'm certainly not "creaming myself" about the i360's demise. It was very basic maths that showed it couldn't produce the income promised in the business plan, not some mega ability to predict the future. I'm glad it's been taken over, with the reservation that even taking away the loan value i360 Ltd couldn't even cover it's operating costs so I'm not sure any company can make this profitable or break even. That doesn't stop the fact that idiot councillors have lumbered the local taxpayer with considerable debt to pay back - the council should not be getting into private enterprise - they are there to provide services not gamble taxpayers money on madcap schemes.

I've not looked into it myself but I'm told by someone who has that the i360 was covering its operating costs but couldn't service or repay the debt in the year prior to it's demise..largely down to the deal with sixes to sublet part of the site

 

[South Stand Bonfire]

As one of those people with "extraordinary foresight" I'm certainly not "creaming myself" about the i360's demise. It was very basic maths that showed it couldn't produce the income promised in the business plan, not some mega ability to predict the future. I'm glad it's been taken over, with the reservation that even taking away the loan value i360 Ltd couldn't even cover it's operating costs so I'm not sure any company can make this profitable or break even. That doesn't stop the fact that idiot councillors have lumbered the local taxpayer with considerable debt to pay back - the council should not be getting into private enterprise - they are there to provide services not gamble taxpayers money on madcap schemes.

I imagine the new company would need to optimise the use of the whole site with a restaurant/bar etc being used almost full time. Otherwise I can’t see how it will ever be very profitable, especially in the depths of Winter.

They would probably need to rebrand the ground floor areas and almost try and market and operate that area separately imo.

 

[Not Andy Naylor]

This seems to be the least worst option and might bring a bit of extra footfall to that part of the city. The beach level building was always under-used and I have a feeling that will change significantly.

 

[zefarelly]

Can they cut it down and use it as an access platform to start building a new pier

 

[schmunk]

B&H council wrote off £51M of debt and will take a 1% cut of earnings of the future business in compensation.

So, just £5,000,000,000 to go until they clear a profit...

 

[amexer]

Good news this has been taken over . Looks like Council have lost £50m unbelievable. New owners have a 115 year lease. No terms are mentioned in Argus. Assume new owners will pay a rent for site but surely they have had to pay something to council towards the losses the council have taken on and not bgot this for nothing.

 

[crabface]

Can they cut it down and use it as an access platform to start building a new pier

Or the monorail.

 

[schmunk]

[Brighton] - i360 filing for administration

 

[Dave the OAP]

If they cut off the bottom of the tower, topple it over so it stretches out to the west pier and then put a walkway in the “tunnel”, people could walk to the west pier to view the rust and seagull/ cormorant shit up close.

make it so Mr Barber.

winner winner chicken dinner.

 

[Nobby Cybergoat]

Nice effort at existing thread checking!

 

[amexer]

Nice effort at existing thread checking!

sorry appreciate will now be banned for this mistake Please transfer to original thread

 

[nickbrighton]

Good news this has been taken over . Looks like Council have lost £50m unbelievable. New owners have a 115 year lease. No terms are mentioned in Argus. Assume new owners will pay a rent for site but surely they have had to pay something to council towards the losses the council have taken on and not bgot this for nothing.

apparently the council will get 1% of revenue plus something like £500 000 per year in business rates, not anywhere near the amount the previous owners owed but better than nothing, which would have been the case had they not bought it

 

[Easy 10]

Nobody would have bought it if they'd had to take on the debt.
Its effectively the Crystal Palace 2010 of the seafront - starting again debt-free, whilst everyone else has to eat a shit sandwich.