Surfers return to The Wave, now under the management of its founding father, following resolution of a financial disagreement.
The Wave, an inland surfing centre located near Bristol, abruptly closed on June 26, 2025, due to a financial dispute. The sudden shutdown came as a surprise to users and the community, as the centre had recently promoted an upcoming surf festival for July 12-13.
Majority owners Sullivan Street Partners explained that the closure was caused by the bankruptcy of a director from a funding partner, JAR Wave. The financial technicality was unrelated to operational performance or customer demand. Despite The Wave Group’s efforts to refinance and repay creditors, the creditor chose to attempt to take control instead.
However, as of July 1, 2025, The Wave has been sold to new owners and reopened. The reopening was timely to host the 2025 English Para Surfing Open competition on July 2-3. The new owners and the WaveMaker team worked quickly to resume operations, reassuring the community and customers that wave sessions would continue as scheduled.
Julian Topham, who founded and runs the Boardmasters festival, has stepped into the role of chief executive. The Wave’s founder, Nick Hounsfield, is no longer a director of the business since May. Hounsfield recently resigned from the board and posted a video on Instagram and Facebook, backing the new owners.
Sullivan Street Partners, the former majority owners of The Wave, claimed the site was sold at a low value. Despite allegations of certain assets being appropriated illegally, with systems being hacked and frozen, and accusations against a previous minority shareholder and associated individuals of pursuing financial returns, acting against their moral fiduciary duties, and the financial restructure aimed at undervaluing The Wave Group and prejudicing other creditors, the new owners are committed to keeping The Wave running as a community-focused inland surf destination.
The Wave still plans to open a new surf complex in London in 2027 and has several other opportunities under development. The firm has promised to 'get in touch' with people who had their bookings cancelled last week 'as soon as we possibly can.' The Wave’s website is currently operational but no new bookings can be made by customers during this short period of transition as the firm changes hands and restarts online bookings.
This shows The Wave is both operational again and committed to ongoing community engagement and surfing events following its recent financial challenges. The centre looks forward to welcoming its customers and the community back to enjoy the waves once more.
- With the new ownership, The Wave, previously closed due to a financial dispute, has reopened, preparing to host the 2025 English Para Surfing Open competition on July 2-3.
- Julian Topham, the founder of the Boardmasters festival, has been appointed as the new chief executive of The Wave, replacing its founder, Nick Hounsfield, who resigned from the board in May.
- Despite the financial struggles that led to The Wave's closure and the allegations of certain improprieties, the new owners have pledged to keep The Wave running as a community-focused inland surf destination.
- As The Wave works to resume normal operations, it has promised to reconnect with customers whose bookings were canceled due to the financial difficulties, and their website is operational, albeit without the option for new bookings at the moment.
