Surfing Lake The Wave Closes Suddenly Amid Financial Disputes

The Wave, a highly popular surfing lake near Bristol, has unexpectedly ceased operations, shutting its doors on Thursday and canceling all upcoming bookings. The closure, agreed upon by the facility's majority owners, stems from financial complications associated with JAR Wave, a partner whose director has recently declared bankruptcy. Since its debut in 2019 as Britain's first inland surfing lake, The Wave has drawn approximately 400,000 visitors, with many surfers and bodyboarders traveling from regions all over the country to enjoy its unique offerings.

The situation has caused significant disruption for patrons, many of whom found their bookings canceled and encountered a holding page when trying to visit the company's website. Reports indicate that management issues had been brewing since April, when The Wave's founder Nick Hounsfield resigned, leading to a reorganization of the company. Following the change in leadership, The Wave Group Ltd moved its registered office from Bristol to London and subsequently fell into administration, involving insolvency specialists from Begbies Traynor Group. Additionally, the company underwent a name change to SBL Midco, further indicating its shift in management strategy.

In an official statement, Sullivan Street Partners, the primary stakeholders in The Wave, expressed their sorrow over the closure, attributing it to a "financial technicality" rather than operational shortcomings or waning customer interest. They assured that the ownership group is pursuing refinancing options related to ongoing developments in London, promising to fully repay creditors within a week while expressing their desire to keep the surfing park operational. Furthermore, the owners have invested significantly in The Wave this year, aiming to tackle the current financial woes and restore the facility into a beloved community attraction once again.