Latest news with #TheWave
Daily Mail
a day ago
- Business
- Daily Mail
The Wave reopens to surfers with Boardmasters founder in charge after financial dispute
Ground-breaking British inland surfing centre The Wave reopened on Tuesday after abruptly closing last week. The wave pool surf complex, near Bristol, reopened at 6.30am on Tuesday morning, with all sessions due to run as scheduled. The sudden closure came amid a financial dispute, where its majority former owners Sullivan Street Partners claimed the site had been grabbed at a low value. But The Wave's founder, Nick Hounsfield, who had resigned from the board in late April, posted a video on Instagram and Facebook yesterday backing the new owners and calling on surfers to get behind them. The Wave Group has, according to its website, been acquired as a part of a 'financial restructure' by a group of investors who asked Surfing England chairman Julian Topham to step into the role of chief executive. Topham, who founded and runs the Boardmasters festival, said there would be a 'short period of transition' as the firm changes hands. When The Wave opened under Hounsfield in 2019, it was at the forefront of the emergence of wave pools offering world-class surfing on mechanically generated waves to the public. The Wave's website is up and running but no new bookings can be made by customers. The firm said it will 'get in touch' with people who had their bookings cancelled last week 'as soon as we possibly can.' Topham asked for patience while a new team get together to fully reopen The Wave and restart online bookings. He said in a statement online: 'We appreciate there has been huge uncertainty in the last week, for so many people, especially our wonderful Wavemaker staff, customers, and partners, so a big thank you for your understanding.' He added: 'There will be a short period of transition as a company changes hands and we get up to speed, but we are doing everything we can to make this as smooth and as fast as possible, and get The Wave open again.' In a video on social media from the Bristol site, The Wave's founder, Nick Hounsfield said Topham had 'high ethics and is an exceptional leader.' In his Instagram post, Hounsfield said: 'Just reflecting upon the last couple of days. It's been a storm. The Wave has so much of my heart and soul in it and it's been so distressing to see something close to me go through so much turmoil. 'I've just come in to The Wave to check in on the team. They are working hard to get The Wave open ASAP. As ever, they have stepped up to the task and there is a lot of positivity and excitement. A lot to do… but working hard. 'I've had a chance to catch up with the new CEO Julian Topham and his team. He has been asked to step in as CEO to get The Wave back to where it deserves to be, the heart of a vibrant and inclusive surf community and a force for good. 'I've known Julian for over 15 years. He has high ethics, is an exceptional leader and operator, and has enormous respect both in the surf community and in building epic events across the UK. He also recently took over from me as Chairman of Surfing England. 'I ask everybody who loves The Wave to really get behind Julian and his team as they look to get The Wave back to where it deserves to be. It feels like a fresh start.' Allegations from former majority owner Last week, former owners of The Wave alleged that the business, under the entity Surf Bristol Limited, was sold on the cheap. In a statement, former majority owners Sullivan Street Partners claimed the Bristol-based enterprise was 'sold by Administrator BTG' on 27 June, having been placed into a technical insolvency the previous day. Sullivan Street Partners alleged: 'A previous minority shareholder and individuals associated with the shareholder chose to pursue financial returns, significantly acting out of step with their moral fiduciary duties.' Elsewhere in the statement, Sullivan Street Partners claimed the process had been undertaken with the objective of 'grabbing the business at an undervalue and prejudicing other creditors in the process.' The statement also alleged that certain assets had been 'appropriated illegally with systems being hacked and frozen.' Sullivan Street Partners claimed that The Wave Group had 'simultaneously been the victim of a cyber attack with all data having been stolen.' The former majority owners noted that it was not clear whether the 'cyber attack' was connected to the other 'assaults on the company.' Sullivan Street Partners said that until 5.55pm on 27 June, The Wave Group had been preparing to open on 28 June, but that this had became 'impossible.' The statement added that The Wave Group still planned to open a new surf complex in London in 2027 and 'has several other opportunities under development.' Sullivan Street Partners said they were 'sorry for the upset the actions of others have caused.' An earlier statement from Sullivan Street Partners this week, said The Wave Group 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.' This is Money contacted administrators at BTG for comment. What happened at The Wave? Last week, The Wave, abruptly closed. The closure came with no warning, with surfers and users of the site booked in arriving to closed doors and an apology written on a sign. 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. The Wave was brainchild of Hounsfield, a British entrepreneur who wanted to build a unique business that had a positive social impact. Hounsfield did not come from a background in property or business, but was an osteopath, who said he started with £500 in his bank account and managed to raise the money to build his dream. Since 5 May, The Wave's founder, Hounsfield, has not been a director of the business.
ITV News
2 days ago
- 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!
BBC News
2 days ago
- Business
- BBC News
'Excitement' as Bristol's The Wave surfing lake to reopen
An inland surfing lake is set to reopen after suddenly closing its doors and being sold to new owners. The Wave, on the northern edge of Bristol, shut with immediate effect on Thursday and was placed into technical insolvency. It was announced on Friday evening that the site had been sold to another company, with the hope of reopening on Saturday - though this failed to happen. On Monday evening it was confirmed on social media that surfers would be allowed to return on Tuesday. A spokesperson said: "We are so excited to let you all know that we will be reopening our doors. We want to thank all our wonderful community for the outpouring of love and support over the last days." In a statement posted online, The Wave confirmed that the facility would open at 06:30 BST "with all wave sessions [to] run as scheduled". The reopening also means that the English Para Surfing Open competition will be able to go ahead as planning on 2-3 July, the company said. About 200 staff had been left with cancelled bookings and an uncertain future after the sudden closure of the site. The complex, which opened in 2019, cost £26m to build and can generate up to 1,000 waves an hour of different intensity. When The Wave closed on Thursday, then-CEO Hazel Geary said the decision had "not been driven by operational failure or lack of customer demand - but for a financial technicality completely unrelated to commercial matters". Julian Topham, who founded and runs Boardmasters surf festival, is now running the site during a "transition period".
BBC News
5 days ago
- Business
- BBC News
The Wave Bristol: Inland surfing lake sold amid financial dispute
The future of an inland surfing lake remains uncertain as the facility is sold amid a row over Wave, on the outskirts of Bristol, shut suddenly on Thursday and cancelled bookings after being placed into technical Hazel Geary announced on Friday evening the site, under the entity Surf Bristol Limited, had been sold to a company called Sea Level Wave Company had been taking place with the aim of reopening the facility on Saturday, but the BBC understands those have broken down at the last minute. Majority owners Sullivan Street Partners claimed the closure followed problems surrounding the bankruptcy of a director of another funding partner, JAR Wave. The BBC has approached the firm for is no clarity as yet for customers and potentially as many as 200 employees of The Wave as to what happens next. Ms Geary said the site now cannot operate and The Wave Group, owners of the surf park, is unable to "facilitate a smooth handover due to the significant conflicts".The website is inoperable and Ms Geary claims her access to all digital assets have been blocked, including emails, documents and social media accounts. In a statement, The Wave Group said these actions have "removed the business from the investors and staff that have built and grown the park".It added: "Whilst this is very disappointing to lose a managed site in this way, we are mostly sorry for the upset the actions of others have caused for Wavemakers and clients of The Wave."We march on and are determined to continue our mission to deliver an amazing inland surf experience for all."The company says it remains on track to open a separate namesake site in London in 2027 and also has "several other opportunities under development".Negotiations regarding the immediate future of the The Wave in Bristol are continuing.
Daily Mail
5 days ago
- 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.'
