Latest news with #SullivanStreetPartners
Daily Mail
16 hours 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.'
ITV News
2 days ago
- Business
- ITV News
The Wave near Bristol closes suddenly
A popular inland surfing lake on the outskirts of Bristol has closed suddenly. In a statement on social media on Wednesday 25 June, The Wave said: "Due to unforeseen circumstances The Wave will be closed tomorrow, Thursday 26th June. "All customers with surf bookings have been contacted by e-mail with further information." The Wave's website is also out of action. The attraction in Easter Compton is an inland surfing lake that has welcomed more than 400,000 visitors since opening in 2019. ITV News has contacted The Wave for more information about the closure but has not yet received a response. ITV News has also contacted Sullivan Street Partners, the majority owners of the site, who have declined to comment. A national charity event - Cerebra's Relay Your Way - was due to take place at the site today, 26 June, as part of it's ongoing tour from Glasgow to Windsor. Drone footage of the popular attraction The Wave owners said previously it was an "absolute honour" to be selected to take part. The Wave was England's first surfing lake, built in 2019. It cost £25 million to build and took nine years to complete. 26 million litres of water were needed to fill the lake.
BBC News
2 days ago
- Business
- BBC News
The Wave Bristol: Inland surfing lake closes in financial dispute
A popular inland surfing lake has been closed because of a row over Wave, on the outskirts of Bristol, shut suddenly on Thursday, cancelling bookings with most of its website 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 comment.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." A statement said: "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."The complex, which opened in 2019, cost £26m to build and can generate up to 1,000 waves an provides a gentle swell for aspiring surfers, as well as fast, hollow waves for veteran wave is powered using solar array and battery storage – which created more energy than the site used each year, according to the The Wave 2019, it has welcomed 400,000 visitors and enabled 400 para surfers to surf as part of regular surf sessions.
Bloomberg
29-04-2025
- Business
- Bloomberg
Sullivan Street Nears Deal for Senior's Aerostructures Unit
Investment firm Sullivan Street Partners is nearing a deal for British engineering group Senior Plc's aerostructures unit, which supplies components to Airbus SE and Boeing Co., people with knowledge of the matter said. London-based Sullivan Street could reach a final agreement with Senior in the coming weeks, the people said, asking not to be identified because the information is private. A deal would value Senior's aerostructures operations at about £200 million ($268 million) including debt, the people said.
