The wave has entered into a new investment agreement worth £27 million with Sullivan Street Partners, which will support its plans to develop several new sites in the UK and Ireland.
The Wave is developing a slew of indoor surf destinations after opening its first location in Bristol in 2019. The Wave is in talks with several potential locations in the UK and is exploring possible international expansion.
“We want to share the positive power of waves, the physical and mental health benefits and the pure joy of surfing with as many people as possible,” said Nick HounsfieldCVO and founder of The Wave.
The company plans to create more than six new surf parks over the next five to seven years with an investment of £200m. The Wave is already working on a site in London in the Lee Valley Regional Park.
Its new surf parks will cover between 70 and 100 acres and will all feature a large surf lake that offers perfect surf waves for all skill levels.
The agreement with Sullivan Street will allow The Wave to secure sites, make plans and other debt financing for its next three to four attractions. It is also accompanied by a commitment to finance the construction phases of future projects.
New surf parks in the UK and Ireland
Craig StoddartCEO of The Wave, said the investment agreement will enable the team “to move forward with our strategy to develop up to five additional Wave locations over the next five years, and to further cementing ourselves as a leading developer in the surf park sector – a leisure category that is set to explode”.
Earlier this year, The Wave has signed an exclusive partnership with wave-making technology provider Wavegarden. The company’s Bristol site has opened with the world’s first indoor surf lake to use Wavegarden Cove technology.
According to a press release, the surf park industry is booming. No less than 100 surf parks could operate across the world in the next 20 years.
Pictures: The wave