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London SE1 website team

London Eye financial crisis

Despite receiving 10m visitors a year, the South Bank's London Eye is facing mounting losses, according to press reports.

British Airways, Tussauds Group and Marks Barfield, the shareholders of the giant observation wheel are working on plans to refinance the 88m loan to build the wheel that carries a hefty 24% annual interest charge, making it near impossible for the London Eye to be profitable.

A report in Sunday's Observer suggested that BA could sell its stake to Tussauds for 120 million, taking the stake of the owner of Chessington World of Adventure and Alton Towers to 66 per cent.

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