Brighton I-360 Limited has said it will appoint an administrator after missing loan repayments on 51 million of debt owed to Brighton and Hove City Council. The council said it had not received any loan repayment for 17 months, since June 2023.The 162m-tall vertical pier opened on Brightons beachfront in 2016. It was built and operated by Brighton I-360 Limited, which is chaired by Marks Barfield co-founder Julia Barfield.However, the company has struggled with loan repayments since June 2018, when the council first agreed to defer a repayment date.AdvertisementThe company was severely affected by the Covid pandemic according to its latest accounts, in which it reported a 31.8 million pre-tax loss and 5.8 million of revenue for the year to 30 June 2023.Interpath Advisory, which is set to be appointed as administrator for the company, said the attraction would remain open in the immediate future but that it faced permanent closure unless a white knight buyer comes forward to rescue it.Charlie Carter of Interpath, who is leading the sales process, said: The Brighton i360 has become an iconic visitor attraction, welcoming hundreds of thousands of visitors each year, but unfortunately is now at real risk of closure unless a buyer can be found.The attraction features a doughnut-shaped glass viewing pod, which travels up and down a central column. The viewing pod has a 200-person capacity, with adult tickets costing around 20 for a 20-minute journey up and down the tower.Brighton and Hove City Council said it was still owed a 51 million repayment for a council loan at a commercially agreed interest rate as well as a 4 million Coast to Capital loan.AdvertisementBut it added that its actual loss relating to underlying loan debt and interest repayable to government was around 32 million.In 2022, the council agreed to restructure the loan debt, which meant it would take almost all profits made from the i360. In 2023, the attraction operator was given a final warning over missed repayments.The councils deputy leader and cabinet member for finance and city regeneration, Jacob Taylor, said: It is extremely disappointing that the Brighton i360 is filing for administration. This leaves a large unpaid amount to the city council, which will have an impact on the overall budget.It is important that the council and the city reflect on the decisions that have led us to this point and learn lessons for the future.Barfield was contacted for comment.