Hi Tommyc ..just my thoughts for what they are worth .. so take it with a pinch of salt if you wish as I could be wrong.
I think I can clearly see damage to the tape in the close up photo of the bubbles. The stitches are burst and the PVC tape has in fact torn where the last two stitches were just before the tape join. I would lift the tapes at this point and hopefully you may find your leak behind the tapes here. The leak being caused by whatever burst the stitching and caused some stitches to rip the tape.
If both sides are loosing pressure..check the stitches in the same area on the opposite side..are they broken too ?
The bubbles coming out from the opposite side when you pump may simply be caused by the two air floor panels pushing against one another and having the same effect as an internal tube baffle. Example pump up one side ..and it presses against the other side which in turn pushes some air out its leak. Just a guess though.