The watersports centre at Porth Eirias in Colwyn Bay has entered liquidation.
Ian McCulloch and Jason Greenhalgh, partners at Begbies Traynor, have been appointed joint liquidators of Colwyn Bay Watersports CIC.
The company - which was started in 2012 - offered tuition for locals and tourists in sailing, windsurfing, kayaking and powerboating through a Royal Yachting Association (RYA) scheme.
It also hired out sailing, windsurfing, kayaking and canoeing kit at a site next to Bryn Williams' Porth Eirias restaurant.
The company is registered as a Community Interest Company (CIC) and has worked closely with Conwy County Borough Council since being founded.
Now a buyer is being sought for the name, goodwill and assets, which include a substantial quantity of water sports equipment including wetsuits, buoyancy aids, kayaks, windsurfing equipment and boats.
Taffy Osborne, managing director, said “It is with great regret that we have to close. I would like to thank all our customers, instructors and volunteers for their fantastic support.
"It has truly been a pleasure to provide many thousands of on-water sessions to people from all walks of life.”
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Ian McCulloch, partner at Begbies Traynor, said: "It is regrettable that a positive, long-standing community initiative like this has arrived at this position.
"The directors decided to take action now, during the quieter winter season, to avoid disruption for people who have come to see it as a popular feature on the beachfront in the spring and summer months.
"We are optimistic that there will be interest out there from people to acquire the assets and we are working closely with the directors of the company and the local council to welcome expressions of interest.”