Swellnet Dispatch BASE Surfboards forced to close with crippling debts

In: Swellnet Dispatch by Stu Nettle 50 Comments Fri 14th Oct '11

Tags: base surfboards , simon anderson , murray bourton , darren handley , luke short

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At 10am Thursday morning the doors to BASE Surfboards closed for the last time. According to an inside source BASE had been trading insolvent for many years. In a final move the tax department shut the Gold Coast headquarters down.

The same industry insider said BASE had debts of $5.6 million and real assets of just $70,000. Combined they employed approximately 50 people in the surfing industry, most of which have allegedly not been paid superannuation for an extended period.

BASE, started in 2003 by Maurice Cole and John Cross, was a joint commercial operation that attracted some of Australia's best shapers. By combining purchasing, manufacturing and distribution they planned to combat cheap Chinese surfboards that had begun to infiltrate the Australian market.

Cole left the venture five years ago and at the time of collapse only Simon Anderson, Darren Handley, Murray Bourton, and John Cross, who oversaw finances, were left. Luke Short left the BASE operation one month ago.

Short was contacted at his Yamba factory where he said he left BASE for personal reasons and to consolidate his own brand, LSD Surfboards. Short said he was unaware of the dire financial situation, "Times were tough but they were for everybody".

"It's upsetting that such big guys can go down," Short added, "even though they are now my competition there's respect there. It's tough to see."

It's not clear what the implications are for the shapers and their labels. BASE headquarters were not answering the phone and their online store was closed for maintenance.

Latest Surfpolitik article - The BASE failure: What it means for the industry

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