Revised recommendations in response to i360’s request for financial flexibility
The council’s Policy, Resources & Growth Committee will consider revised recommendations in response to the i360’s recent request for short-term financial flexibility, at a special meeting on Thursday 28 June. The recommendations can be read in the British Airways i360 restructure proposal committee report.
Recommendations see the i360 paying Brighton & Hove City Council the £922,296.52 due on 30 June so that the council can make its full payment to the Public Works Loan Board.
The Policy, Resources & Growth Committee will also consider deferring the payment of £570,007.73 due to the council on the same day until 31 December 2018, to enable the i360 to review its business model and improve their financial performance.
To date the i360 has made all loan and margin payments due to council in full and on time.
The Policy, Resources & Growth Committee is to decide on commissioning specialist commercial advisers to provide advice and options to the council and the i360 on long term loan restructuring.
The council, Coast to Capital (the Local Enterprise Partnership - which loaned the i360 £4m) and the i360 Board will meet regularly throughout 2018 to discuss a long term restructuring of the loan and a further report will be brought to the Policy, Resources & Growth Committee on 6 December 2018.
Both the council and Coast to Capital remain committed to ensuring the long term future of the i360 which is seen as vital to Brighton & Hove’s offer to residents and visitors. The i360 is the most visited paid-for attraction in the city and has helped raise the profile of our visitor offer nationally and internationally.
The huge personal and financial commitment of the i360 shareholders and directors is also recognised and valued.