Huge £25m UK attraction with 590ft surfing lake suddenly closes & website down after owners collapse into administration

The Irish Sun

2 days ago

A HUGELY popular UK attraction with 400,000 visitors has suddenly closed.
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The Wave, near Bristol, collapsed into administration on Thursday June 26
Credit: Alamy
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Surfers have had their bookings cancelled and the website is down
Credit: PA
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The site cost £25 million to build, with its founders still indebted to investors
Credit: PA
When it opened in 2019, it was Britain's first inland surfing lake.
The £25 million project was filled with 26 million litres of water to produce nearly 1,000 waves an hour ranging from nearly 20 inches to more than six foot.
They have since been told that their bookings have been cancelled.
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The majority owners cited the bankruptcy of a director of JAR Wave, another funding partner, as the reason behind the
However,
In April, Nick Hounsfield's firm The Wave Group Ltd moved from Bristol to London as it entered administration, appointing Begbies Traynor Group to manage the insolvency.
Nick then resigned from the company, and at the end of May the company was renamed to SBL Midco.
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A report issued on May 22 claimed that the company had
It claimed the facility was effectively put up for sale in May of this year as they sought new investors to pay off the debt - which totalled around £15 million across various companies.
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A month later they decided to close the company down after a rescue package wasn't finalised.
Majority owners Sullivan Street Partners have said that a refinancing plan is underway which could see the site reopened.
The company said it invested £27 million into The Wave in 2023.
When he first announced the project with Craig Stodder in 2010 to tackle mental health with the joy of surfing, Nick said: "It's amazing to finally be able to show people what we have created and I'm unbelievably proud of our team who have got us to this point.
He added: "I feel incredibly privileged and grateful to be part of this, as well as excited about the potential we have to bring greater health and happiness to people of all ages, backgrounds and abilities."
What does going into administration mean?
WHEN a company enters into administration, all control is passed to an appointed administrator.
The administrator has to leverage the company's assets and business to repay creditors any outstanding debts.
Once a company enters administration, a "moratorium" is put in place which means no legal action can be taken against it.
Administrators write to your creditors and Companies House to say they've been appointed.
They try to stop the company from being liquidated (closing down), and if it can't it pays as much of a company's debts from its remaining assets.
The administrator has eight weeks to write a statement explaining what they plan to do to move the business forward.
This must be sent to creditors, employees and Companies House and invite them to approve or amend the plans at a meeting.
A Notice of Intention is used to inform concerning parties that a company intends to enter administration.
It is a physical document which is submitted to court, usually by directors aiming to prevent a company from being liquidated.
Like with a standard administration process, a Notice of Intention stops creditors from taking out any legal action over a company while they try and rectify the business.
The company had planned to expand into London in 2023 at Lee Valley Regional Park - although this never happened.
Since 2019, the facility has welcomed 400,000 visitors, from beginners seeking surf lessons, to seasoned experts.
The 180m lake was operated using solar array and battery storage to create more energy than was used each year according to The Wave team.
In a statement, Sullivan Street Partners said: 'The Wave Group team apologises unreservedly for any upset caused and is doing its best to ensure the situation can be remedied.
'The Wave Group, owners of the surf park in Bristol, has lined up a refinancing alongside its exciting London developments, which would see all creditors repaid in full within a week and is offering to continue to operate the park."