Latest news with #SullivanStreetPartners
Wall Street Journal
5 days ago
- Business
- Wall Street Journal
Senior PLC Agrees to Sell Aerostructures Business for Up to $268 Million
Senior PLC agreed to sell its aerostructures business to private-equity investor Sullivan Street Partners for up to 200 million pounds ($268.4 million), including debt. The British engineering-solutions company said Friday that the transaction includes an initial payment of £150 million, subject to completion adjustments.
Daily Mail
5 days ago
- Business
- Daily Mail
UK engineer Senior sells aircraft parts business in £200m deal
Senior will sell its aerostructures business to US private equity firm Sullivan Street Partners in a deal worth up to £200million. The Rickmansworth-based manufacturing and engineering firm said had previously flagged the potential sale as it pursues a leaner structure. It follows production issues at its key supplier Boeing and the enduring damage to its operations caused by the pandemic. Aerostructures, Senior's largest division, builds the structural components of an aircraft's airframe, including the wings and flight control surfaces. The FTSE 250 firm will receive an initial consideration of £150million and could bag an additional £50million in the first half of next year if the Aerostructures business meets certain performance targets in 2025. Senior said the sale helps position the business 'as a market leading pure play fluid conveyance and thermal management business'. Boss David Squires added: 'This sale aligns with the long-term interests of our shareholders, customers, employees and other stakeholders. 'Our remaining high quality fluid conveyance and thermal management business is well positioned to deliver attractive growth, improved margins, and better returns on capital with strong operating cash flow performance. 'With our global footprint and operating in attractive and structurally resilient end markets, Senior is well-placed to deliver sustained profitable growth and create enhanced value for our shareholders.' Senior shares jumped 8.4 per cent to 204p approaching midday, aided by a £40million share buyback programme also announced on Friday. The shares have added around 25 per cent since the start of 2025 and more than 250 per cent over the last five years.
Reuters
6 days ago
- Business
- Reuters
UK's Senior Plc to sell its aerostructures business for up to $268 million
July 18 (Reuters) - Senior Plc (SNR.L), opens new tab has agreed to sell its aerostructures business to private equity investor Sullivan Street Partners for up to 200 million pounds ($268.36 million), including debt, the British engineering firm said on Friday. ($1 = 0.7453 pounds)
ITV News
01-07-2025
- Business
- ITV News
Inland surfing lake The Wave in Bristol reopens in time for English Para Surfing Open competition
An inland surfing lake on the outskirts of Bristol has been sold to new owners and will reopen in time to host the 2025 English Para Surfing Open competition. The Wave shut suddenly on Thursday 26 June, amid what it described as a "financial technicality." In a statement that day, majority owners Sullivan Street Partners said: "It is with great sadness that we announce the closure of The Wave Bristol, the UK's first inland surf destination and a much-loved community asset" But today, Tuesday 1 July, The Wave has reopened under new ownership - revealing that it will still host the English Para Surfing Open competition. In a post on Facebook and Instagram on Monday 30 July, The Wave said: "The waves are ON!!!! "We are so excited to let you all know that we will be reopening our doors at 630 am tomorrow (Tuesday 1 July) and all wave sessions will run as scheduled. "Our incredible Wavemaker team has pulled together as always and been working flat out to get everything back up and running. "This also means that the eagerly anticipated English Para Surfing Open competition will be able to take place as planned on 2-3 July - and we can't think of a better way to mark opening our doors again!
Daily Mail
27-06-2025
- Business
- Daily Mail
Popular inland surfing centre The Wave in Bristol closes suddenly amid financial dispute
Britain's ground-breaking popular inland surfing lake The Wave, near Bristol, has abruptly closed amid an alleged row over its finances Existing customer bookings have been cancelled and The Wave's website is mostly down. No new bookings can be made. The closure came with no warning, with surfers and users of the site booked in today arriving to closed doors and an apology written on a sign. Majority owners Sullivan Street Partners claimed the closure followed problems surrounding the bankruptcy of a director of another funding partner, JAR Wave, according to BBC News. A statement from the majority owners said: 'The Wave Group team apologises unreservedly for any upset caused and is doing its best to ensure the situation can be remedied.' The statement said The Wave Group, owners of the surf park, had '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.' Sullivan Partners said it invested £27m into The Wave in 2023, BBC News said. Hazel Geary, chief executive of The Wave, said: 'This decision has not been driven by operational failure or lack of customer demand - but for a financial technicality completely unrelated to commercial matters.' Highlighting how suddenly the saga deteriorated, on Wednesday The Wave was posting on social media about an upcoming surf festival being held at the centre next month. The Wave opened in 2019 and cost £26million to build. The unique complex could generate up to 1,000 waves per hour. Since opening, the site provided surfing facilities for all abilities, catering for disabled visitors, total beginners and veteran surfers. The Wave's power supply stems from solar and battery storage and since 2019 the complex has welcomed 400,000 people. Since 5 May, The Wave's founder, Nick Houndsfield, has not been a director of the business. The Wave was the fruit of the ambitions of Nick Hounsfield, a pioneering British entrepreneur who wanted to build a unique business that had a positive social impact, with improving health and wellbeing for surfers and non-surfers alike baked in. Hounsfield did not come from a background in property or business, but was an osteopath, who started with £500 in his bank account and managed to raise £27million to build his dream. THE WAVE STATEMENT IN FULL The Wave said in a statement: 'The Wave Bristol has had to shut suddenly today, and also shut down its website. 'This decision has not been driven by operational failure or lack of customer demand—but for a financial technicality completely unrelated to commercial matters. 'The closure follows the bankruptcy of a director of a funding partner, JAR Wave. 'Despite The Wave Group repeatedly offering support and a full repayment to JAR Wave to solve their own issues, the creditor has instead opted to appear to attempt to take control of the business. 'We as The Wave Group, have lined up a refinancing that also provides funding for the initial development for London, which would see all creditors repaid in full within a week of now and is of course offering to reopen Bristol and continue to operate the park. 'To date these approaches have been ignored by JAR Wave, which has instead chosen to appoint administrators for the Bristol operating company. 'The Wave Group team apologises unreservedly for any upset caused and is doing its best to ensure the situation can be remedied.'
