Britain's tumultuous economic climate has tipped yet another organisation over the brink, with the long established British Surfing Association (BSA) going into liquidation.

Founded in Newquay in 1966 to promote the sport, and currently with over 4000 members, the Association has been declared insolvent after new committee members raised fears over its finances.

A report from the liquidator is due to be released later this month and will reveal exactly why the company failed.

However, it's not all doom and gloom. With the backing of Sport England a new company called Surfing GB, also to be based in Newquay, has been formed to take over as the national governing body.

"At the BSA there were financial concerns. There was an historical financial situation that had been developing over some years," Geoff Swallow, executive committee member for strategy at Surfing GB explained to the BBC earlier this week. "The BSA has lost a lot of credibility with the membership over the years. It's now a quarter what it was two years ago."

Mr Swallow said the new organisation would honour commitments to members and work hard to ensure there was a smooth transition.

A statement from BSA Ltd read: "We believe that rather than just trying to wallpaper over the cracks of the BSA, a clean and decisive break and a new start is the best way of creating a firm foundation for the long-term future of the sport. Surfing GB aims to be the credible and effective national governing body for surfing in Great Britain."