This followed Brighton & Hove City Council’s decision to release the debt in support of the landmark’s future under Nightcap’s management.
The decision allows the continued operation of the attraction and represents an exciting step forward for Nightcap, according to the business.
Under the agreement, the multi-site operator takes over the remaining 115-year lease, which as more than 20,000sq ft of hospitality trading space including multiple bars, events spaces, cafés and entertainment areas.
It also has 75m of beach frontage, a beach bar, terrace, rooftop and beach operating space.
The acquisition has been completed free of debt and any historic liabilities.
Nightcap founder and CEO Sarah Willingham said: “We couldn’t be happier to welcome the i360 to the Nightcap family and delighted Brighton & Hove City Council has paved the way for us to keep this iconic landmark open.
“We look forward to working with them to make the West Pier part of Brighton a thriving hub for residents and visitors alike.”
New chapter
She added: “We pass the i360 every day and were as disappointed as everyone else when it went into administration and no buyer was found.
“The impact of its closure would have been catastrophic to our local businesses and a blemish on this important part of the Brighton seafront.
“We hope we will get the support of our tight knit local community as we embark on this new chapter for the i360.
“We are delighted to start the new year by adding such a fantastic venue to the Nightcap group.
“As we continue to row, our priority remains creating memorable venues where people want to come together, have fun, laugh and make lasting memories.”
Hove and Portslade MP Peter Kyle welcomed Nightcap’s acquisition of the landmark.
He said: “Looking to the future, I now see a fantastic seafront in our city.
“It is book-ended by the amazing Sea Lanes in Kemptown and the new Hove Beach Park and now at its centre will be this.
“The choice for the council was clear - let the i360 rust and become another derelict West Pier or to encourage enterprise and get something special in this central location.”
Fresh start
Kyle added: “I’m over the moon they chose the latter and look forward to working with Nightcap.”
Brighton and Hove Council deputy leader Jacob Taylor was delighted Nightcap took an interest in revitalising the i360.
“We think this is the best option for the city - giving a fresh start for the attraction and helping to ensure this important stretch of seafront can thrive.”
West Pier Trust, a charity and limited company that owns the pier and rights attached to it, was impressed by Nightcap’s experience, professionalism and understanding of the city’s unique character in its bid to take over the i360, CEO Rachel Clark said.
Interpath led the the transaction on behalf of the administrators for Brighton i360 and Charlie Carter, from the firm, said: “We’re delighted to have secured this transaction, which will see this iconic attraction brought back into operation, providing opportunities for job creation and investment in the West Pier area.
“We wish the team at Nightcap all the very best for the future.”
In February last year, the business acquired live entertainment concept The Piano Works.
