Over-optimism compared failed i360 to Eiffel Tower

Over-optimistic predictions for Brighton i360 visitor numbers were determined with statistics from "iconic global landmarks" like the Eiffel Tower, according to a report.

The visitor attraction closed unexpectedly in 2024, shortly after entering administration, but later reopened under new ownership.

Green Party councillor Ollie Sykes, whose party lead Brighton & Hove City Council when it invested in the i360, said the "key focus was on regional comparisons" when making decisions.

Current deputy leader, Labour's Jacob Taylor, said the council's investment in i360 "came at considerable cost to the public" and the report would "ensure a mistake of this scale is not repeated".

The local authority wrote off £51m owed by the attraction to facilitate hospitality company Nightcap's takeover in 2025.

The Chartered Institute of Public Finance and Accountancy (CIPFA), which authored the report, said projections made "could not be achieved" and i360 "struggled to break even".

Business plans for construction of the i360 in Brighton "suffered from optimism bias from the outset", according to the review of lessons learnt.

Actual visitor numbers for i360's opening year were about a third of those forecasted, CIPFA said.

It added that bar and merchandise sales were also overestimated and company leaders had "gaps in financial acumen".

The public finance body wrote that performance of places including the London Eye and Empire State Building "bear little resemblance" to i360's, as well as those of regional attractions.

But it said projected contributions to the local economy and job creation "were largely realised".

Sykes questioned the "factually inaccurate" report, claiming it was "politically motivated".

He said key figures had not been interviewed for the report.

Labour councillor Taylor told the BBC the report was "totally independent" and "entirely fair".

The Green Party should be "reading the report and reflecting on its outcomes", he said, "not attacking the authors of the report".

CIPFA was contacted for comment.

The Conservative group leader in Brighton & Hove, Alistair McNair, said it was "true that some Conservative councillors and Greens voted for it, but all parties share responsibility for a project managed under Labour and Green-led councils".

The council's audit, standards and general purposes committee is scheduled to discuss the CIPFA report in April.

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