Nightcap, founded by Sarah Willingham and Michael Toxvaerd, adds the Brighton i360 to its portfolio after the council waives the £51 million debt.
The council wrote off the i360’s £51 million debt to facilitate the sale. Nightcap will now run the attraction. Sarah Willingham and Michael Toxvaerd started Nightcap only five years ago. This deal expands Nightcap to 46 locations, including bars like Dirty Martini and The Cocktail Club, as they aim to bring more fun to Brighton.
Nightcap will take over i360’s lease, which lasts for 115 years. The i360 is a very tall tower and a popular spot, attracting around 250,000 visitors each year.
The i360 has bars and event spaces, totaling over 20,000 square feet. It also features cafes and entertainment areas. The building includes a beach bar and a rooftop space. Nightcap bought it free of debt and plans to make some improvements.
Nightcap is growing quickly in the bar business, offering nightlife, live music, and unique menus. Adding the i360 demonstrates their dedication. The i360 offers a fresh start to Nightcap.
Sarah Willingham is excited about the i360 and wants it to remain open, as closures hurt local businesses. She hopes the community supports them and they want to create a gathering place. Local leaders also seem happy about the acquisition.