Iconic South West landmark suddenly closes
The Wave Bristol has closed it's doors for 'financial reasons'
An iconic Bristol landmark has unexpectedly closed, as The Wave, the UK's first inland sur destination closed it's doors earlier this week for good
The wave's website has now closed down, and on a social media post, the company expressed sadness about the closure, and saying that people who currently have bookings would get a refund.
In a statement to Greatest Hits Radio, Sullivan Street Partners, who have a majority stake in The Wave, the company 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. This decision has not been driven by operational failure or lack of customer demand—but for a financial technicality completely unrelated to Sullivan Street Partners, which owns a majority stake in the business.
"The central issue stems from JAR Wave, a private investment vehicle set up for the wealthy Asheshov family. Although many investors supported the vision and growth of The Wave, JAR Wave remains the only party to have already been repaid significant capital, as part of the acquisition made by Sullivan Street in 2022.
"Following the bankruptcy of JAR Wave’s fund manager Francis Menassa in late 2023, the group’s assets were frozen, leaving it unable to process interest payments made by The Wave Group to JAR Wave.
"During this period, Nicholas Asheshov - a long-time board director and salaried representative of JAR Wave - agreed that cash earmarked for interest payments could instead be invested into long-term value creation. With his full approval, Sullivan Street proceeded to invest in The Wave’s London site planning, digital infrastructure, and floodlighting upgrades at Bristol.
"Nicholas also confirmed that half of the unpaid interest would be converted into equity. However, once JAR Wave was unfrozen in late 2024, Nicholas abruptly reversed his position, claiming he never had authority to agree to any of the above.
"His actions - coordinated with his cousin Nicholas Feron, now based in Switzerland - have since exposed their true intention: for management to deploy company cash, and then to use legal manoeuvres to take control of the business at a discount.
"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. However, its approaches have been ignored by JAR Wave, which has instead chosen to appoint administrators of 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"