The i360 has been acquired by hospitality operator Nightcap Ltd, after Brighton and Hove City Council wrote off a £51m debt owed by the original owner Brighton i360 Ltd following its entry into administration last year.

The Nightcap group runs 46 venues in England and Wales, and secured the remaining 115-year lease for an undisclosed fee, announcing the deal represents a “fresh start” for the much-maligned attraction.

“We couldn’t be happier to welcome the i360 to the Nightcap family,” said CEO Sarah Willingham. “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.”

Whilst the city welcomes the acquisition with enthusiasm, it’s somewhat less generous in its views on the council. Caught in the headwinds of rage and disbelief at the council’s stunning ineptitude at lending the i-360 £51, deputy council leader Jacob Taylor was oddly cool about the sirry tale. He said the agreement was the “best option” for the city, stating Nightcap’s “passion and commitment to the city is evident.”

West Pier Trust CEO Rachel Clark also backed the deal, stating the trust “has been extremely impressed by Nightcap’s experience, professionalism and understanding of Brighton’s unique character in its bid to take over the i360.”

One wonders what £51m invested in Brighton Pier could have achieved for the tourist pull of the south coast city.  It’s a question that would make many of the councillors hold their heads in shame.