[News] i360 wants to reduce repayments

[Westdene Seagull]

Now being reported that the i360 probably won't even be able to make their full loan repayment in December let alone the interest payment which has already been deferred.

And that's why councils shouldn't get involved in private enterprise and idiots like Jason Kitcat shouldn't be allowed anywhere near public office. I'm sure our resisdent Green fanatic will be along soon to explain that the original forecasts weren't a fiddle.

 

[surrey jim]

From the argus story- https://www.theargus.co.uk/news/169...unlikely-to-meet-their-full-loan-obligations/

The news comes a day after i360 executive director Steve Bax announced he was quitting his job.

He will be leaving just one day before the crunch meeting to discuss the attraction’s repayments.

Mr Bax is set to work until October 10 but will be paid until February next year.

If he has quit the job then why is he still being paid gardening leave for another 4-5 months. It's not like he can take corporate secrets /client base with him. Get shot now.

GVA Real Estate Finance, which is being paid £50,000 to examine the i360’s finances, said in its report: “Since opening in 2016, the visitor numbers have not been in line with forecasts and as such the revenue generated has not at all times been sufficient to meet the semi-annual loan repayments to the council.

Did they really need to pay £50k for consultancy fees to learn that!

As an idea, why don't they find out the quieter times for rides, I.e. Weekdays between November and March and stick on deals on groupon etc, market BOGOF deals, partner with local restaurants for a flight and lunch. Whosever runs the marketing department there needs to be sacked, hardly any advertising / deals to get bums on seats.

 

[mikeyjh]

As an idea, why don't they find out the quieter times for rides, I.e. Weekdays between November and March and stick on deals on groupon etc, market BOGOF deals, partner with local restaurants for a flight and lunch. Whosever runs the marketing department there needs to be sacked, hardly any advertising / deals to get bums on seats.

Might make more sense just to close it on weekdays Nov-Mar no? Just cut the associated costs?

 

[dazzer6666]

From the argus story- https://www.theargus.co.uk/news/169...unlikely-to-meet-their-full-loan-obligations/



If he has quit the job then why is he still being paid gardening leave for another 4-5 months. It's not like he can take corporate secrets /client base with him. Get shot now.

Probably on a contract with 6 months notice from either side......so either he works for that period after giving notice, is told to piss off on gardening leave (and still get paid), or they pay him the 6 months up front and he leaves straight away.

 

[Bold Seagull]

Well, so far the i360 has had next to nothing in controversy if you compare it to the 5 years late, 3 times over budget Spinnaker Tower. That seems to be still attracting new sponsorship (Emirates) and visitors. In terms of deals, this summer they did deals to attract residents from outside Portsmouth: https://www.chichester.co.uk/news/spinnaker-tower-offers-chichester-and-bognor-residents-summer-discount-1-8605398 which makes sense in getting visitors into the city.

 

[LlcoolJ]

I quite like the style of the Chief Exec. Checks his contract, yep I'm getting paid til February whatever happens. Now, when's that meeting where I'm going to get royally ****ed? Ah yes. Hands in notice to quit the day before it.

 

[The Clamp]

And in the meantime the Madeira Drive arches continue to collapse through neglect.....

 

[Westdene Seagull]

And in the meantime the Madeira Drive arches continue to collapse through neglect.....

Indeed ...... something that would seem far more worthy of a public loan than the penis on the seafront.

 

[Stuart Munday]

Whoever did the visitor number predictions should be done for fraud they were obviously inflated to secure a loan from the council, my 5 year old could produced more accurate figures.

 

[Official Old Man]

This really is driving me crazy. I'll point out I own or supply many shops on Brighton seafront and have been in business for over 40 years. I deal directly with the tourists who come into the town plus know and talk with many other shop & restaurant owners along the front.
From day one we all knew this was doomed to failure because we know the tourists and their budgets. If you don't want to listen then read this https://www.brighton-hove.gov.uk/co...test-tourism-figures-show-citys-pulling-power
12 million visitors come to the town, most of them are British. The i360 expects 800,000 a year to ride on the tower, that's 1 in 15 people. Never going to happen.
Regarding 'offers', The Grand Hotel had free rides for visitors from what I understand, although not for everybody.
Branding is crazy. I had a meeting with the bosses once and they said everything had to be branded British Airways i360, the word Brighton was not to be used. It's in Brighton!
Has anyone had a drink in the sky bar, WOW expensive. Similar to the restaurant and gift shop, just too overpriced. Time to kick out the entire board and put in locals to run it.

 

[RandyWanger]

Bungee or base jump platform?

 

[Tom Hark Preston Park]

I've done the i360 three times now, once with each of my kids and once with a mate from up north. Have to say the whole thing is extremely professionally run, from the booking office, to the green screen photo souvenirs that nobody buys, to the exit through the gift shop. But also have to say that even with a resident's pass it's still the best part of £25 for two people. There's not even a senior citizen's discount which I guess puts it out of reach of most off-peak coach parties. And completely misses the stag n hen market. Sorry, but can't see any future in it at all. Seems to me it's all style and very little content.

 

[LlcoolJ]

This really is driving me crazy. I'll point out I own or supply many shops on Brighton seafront and have been in business for over 40 years. I deal directly with the tourists who come into the town plus know and talk with many other shop & restaurant owners along the front.
From day one we all knew this was doomed to failure because we know the tourists and their budgets. If you don't want to listen then read this https://www.brighton-hove.gov.uk/co...test-tourism-figures-show-citys-pulling-power
12 million visitors come to the town, most of them are British. The i360 expects 800,000 a year to ride on the tower, that's 1 in 15 people. Never going to happen.
Regarding 'offers', The Grand Hotel had free rides for visitors from what I understand, although not for everybody.
Branding is crazy. I had a meeting with the bosses once and they said everything had to be branded British Airways i360, the word Brighton was not to be used. It's in Brighton!
Has anyone had a drink in the sky bar, WOW expensive. Similar to the restaurant and gift shop, just too overpriced. Time to kick out the entire board and put in locals to run it.

I think the bar prices were inspired by the one at the top of The Shard. £10 for a thimble full of champagne. Yeah of course I had one, plus a gin and tonic when we went on the i360.

Totally agree with your post though. The are so many ways that they could make it a success but the running of it so far has been a complete shambles.

 

[Easy 10]

I think the bar prices were inspired by the one at the top of The Shard. £10 for a thimble full of champagne. Yeah of course I had one, plus a gin and tonic when we went on the i360.

Totally agree with your post though. The are so many ways that they could make it a success but the running of it so far has been a complete shambles.

Indeed. The business plan, pricing and marketing of the i360 is quite reminiscent of an early task being undertaken on The Apprentice.

Grossly overestimate the numbers ? Check
Fail to identify and appeal to the broadest market ? Check
Massively overprice the whole experience, ensuring very few punters ever return ? Check

As [MENTION=205]Tom Hark, Preston Park[/MENTION] alludes to, its all very much style over substance.

 

[Worthing exile]

If you know Brighton you can spend time looking at different bits of the 'city' but if you are a Tourist they are just a mass of building roofs, a rusting pier and a wind farm. I don't recall anything in the pod giving you an idea of where say the Pavilion is. But I suppose it is included in an overpriced programme/guide book.
Can see pretty much the same stuff from the top of Bear Road for free.
At least in Pompey you can see the dockyard and IOW.
Overpriced one visit wonder.

 

[mothy]

I never expected it to make a profit or even break even - however what it has done has helped regenerate that while section of sea front & has massive benefits from the businesses there including Preston street - which has always struggled.

It's still a thumbs up from me - a loss leader in some respects, but so worth doing

 

[Bold Seagull]

If you know Brighton you can spend time looking at different bits of the 'city' but if you are a Tourist they are just a mass of building roofs, a rusting pier and a wind farm. I don't recall anything in the pod giving you an idea of where say the Pavilion is. But I suppose it is included in an overpriced programme/guide book.
Can see pretty much the same stuff from the top of Bear Road for free.
At least in Pompey you can see the dockyard and IOW.
Overpriced one visit wonder.

It's not all about the view of the city, the view of the coast line, from Worthing to Rottingdean from that height is pretty unique. The tides mean each time you go on it, you tend to see a very different landscape. I've quite enjoyed my 2 visits so far and probably will go on again when relatives or friends visit.

 

[Armchair]

I’ve always thought the restaurant idea might work. Why not specialise in dishes encapsulated in pastry and call it”Pie in the Sky. “ most fitting ��

 

[SAC]

I’ve always thought the restaurant idea might work. Why not specialise in dishes encapsulated in pastry and call it”Pie in the Sky. “ most fitting ��

I'd call it the White Elephant or the Giant Dildo plus Ring Doughnut maybe?

 

[Gwylan]

I'd call it the White Elephant or the Giant Dildo plus Ring Doughnut maybe?

The Prince Albert?