Company blames ‘escalating costs, bad summer weather and the cost-of-living crisis’ for the tourist attraction’s £51m debt

It was meant to be Brighton’s answer to the London Eye. A 162-metre tall “vertical pier” perched on the seafront, the Brighton i360 was designed to pull in hundreds of thousands of visitors a year, offering panoramic views of the Sussex coastline and the bustling seaside city.

But eight years after opening, and saddled with £51m in debt, Brighton i360 has filed for administration, with the observation tower facing closure if it cannot find a buyer.