Purpose

This report updates Cabinet on the decision of
the board of Brighton i360 Limited to file for administration, the
work done by the administrators to seek a sale of Brighton
i360’s business and assets to new owners through an
administration process. It is recommended the council agree to the
release of its security on the debt owed to the council by Brighton
i360.

Content

1)          
Cabinet agrees to release the security on its
£51m loan debt and rolled-up interest to the Buyer. In
return, the city council will receive a future share of revenue, as
set out in the Part 2 report.

 

2)          
Cabinet delegates authority to the Corporate
Director for Operations, following consultation with the Cabinet
Member for Finance and City Regeneration, to complete negotiations
and any legal documentation required to give effect to
recommendation 2.1 above.

 

3)          
Cabinet agrees to commission an external
independent investigation to understand the circumstances of and
lessons from the council’s original decision to loan public
money to deliver the Brighton i360.