Latest news with #NightcapLimited
Yahoo
06-02-2025
- Business
- Yahoo
Local Green MP calls on council to be 'transparent' about i360 deal
A Green MP has called on the council to be 'transparent' about the sale of the i360. MP Sian Berry for Brighton Pavilion has reacted to the news that Nightcap Limited completed the takeover of the Brighton i360 on a 115-year lease. Ms Berry said that she welcomes the news that the i360 is 'given a new lease of life' and that it's important that residents are given 'full sight of the details'. She said: "This is great news for the local business owners who I know were worried about the potential for total demolition that was being discussed by some in the council, and I am excited to talk with the new owners about how we build up the positivity about this crucial area of our seafront. 'As things progress, it's important that the council is transparent about the sale and residents get full sight of the details, including the proportion of revenue the city will receive.' The Labour Party slammed the Greens for their involvement in agrreing the funding the i360 (Image: Eddie Mitchell)When the i360 was announced to be heading for administration in November, Brighton and Hove City Council leader Bella Sankey called for a formal apology from the Green Party for their role in the funding of the Brighton i360. The Labour Party slammed the Greens for their involvement in agreeing the financing of the project with £36 million of public money. The loan, agreed in 2014 under a Green minority administration, saw £36.2 million of taxpayer money used to finance the i360 project. Proposals to increase the loan from the Public Works Loan Board were voted through seven to three at a meeting in 2014 where then-Brighton Labour leader Warren Morgan said there was a 'question mark as to whether the council should undertake such a financial undertaking rather than it being for the developer to do so'. Accounts released in July showed that Brighton i360 Ltd paid £700,000 to the council in June 2022. The company has since been able to pay just £250,000 to the council from July 2022 to July 2024. Various councillors described their anger and frustration about the £51 million debt (Image: Andrew Gardner) On January 23, the council had a full council meeting at Hove Town Hall, in which various councillors described their anger and frustration before unanimously voting to clear the £51 million debt the i360 owed Brighton and Hove City Council. It was then revealed on Tuesday that Nightcap Limited, run by Sarah Willingham, announced that it completed the takeover of the i360 on a 115-year lease on the landmark. Cllr Jacob Taylor said: 'We are delighted that Nightcap has taken such a keen interest in revitalising the i360, and their passion and commitment to the city is evident. "We think this is the best option for the city – giving a fresh start for the attraction, and helping to ensure this important stretch of seafront can thrive.'
BBC News
04-02-2025
- Business
- BBC News
Brighton i360: Buyer confirms takeover of viewing attraction
A buyer has been found for the i360 viewing pod in group Nightcap Limited, which runs 46 venues in England and Wales, has taken on the remaining 115-year lease of the i360 for an as-yet undisclosed Willingham, founder and CEO of Nightcap, said: "We couldn't be happier to welcome the i360 to the Nightcap family."The i360 went into administration in November. Brighton & Hove City Council then announced in January it would be writing off the attraction's £51m debt. Brighton-based Nightcap said clearing the debt and any "historic liabilities" would give the i360 a "fresh start" after significant investment from the new owners."We pass the i360 every day and were as disappointed as everyone else when it went into administration and no buyer was found," said Ms Willingham."The impact of its closure would have been catastrophic to our local businesses and a blemish on this important part of the Brighton seafront."We hope we will get the support of our tight-knit local community as we embark on this new chapter for the i360."Councillor Jacob Taylor, deputy leader of the city council, said the sale was the "best option" for Brighton."We are delighted that Nightcap has taken such a keen interest in revitalising the i360, and their passion and commitment to the city is evident," he Clark, chief executive officer of the West Pier Trust, said she was looking forward to a "fruitful and collaborative partnership" with confirmed it would operate both the viewing tower and hospitality areas.
