FabSwingers.com forum: Brighton & Hove City Council give away debt of £51 million

By *ove2pleaseseuk OP Man
10 weeks ago

Hastings

Brighton & Hove City Council Cabinet members have agreed to write off debt owed to the council by Brighton i360 ahead of a potential sale.

At meeting on Thursday, January 23, Cabinet members agreed to recommendations to release the council’s security on its £51million loan debt and rolled-up interest to a potential buyer of the beleaguered tourist attraction.

While the proposals set out that the loan will not be repaid to the council, if the sale goes through, the council will potentially receive a future share of income from the attraction.

Councillor Jacob Taylor, Deputy Leader and Cabinet member for Finance and City Regeneration, said: “Sometimes we have to make the best of a bad hand that has been dealt to us.

“A new buyer coming in and taking over the attraction is the best option for the city. Restarting the attraction quickly will secure jobs, provide business rates and bring visitors to the city.

By (user no longer on site)
10 weeks ago

How much of it would they get back if it went into liquidation. If nothing then a percentage of any future profits is the best of a bad deal.

By *melie LALWoman
10 weeks ago

Peterborough

"I thought they were trying to sell Brighton

I had been binge watching Poldark, and George W had bought a borough to become an MP - so stranger things have happened

By (user no longer on site)
10 weeks ago

"I thought they were trying to sell Brighton

I had been binge watching Poldark, and George W had bought a borough to become an MP - so stranger things have happened

It's not right and it's not proper.

By *melie LALWoman
10 weeks ago

Peterborough

"I thought they were trying to sell Brighton

I had been binge watching Poldark, and George W had bought a borough to become an MP - so stranger things have happened

It's not right and it's not proper."

I really shouldn't talk about Poldark, or Poldaaaarrrrrrrk lol, cos he is so phwoarrrrr