Thursday, July 30, 2009

News: Steelers arena and conference hotel in first phase of YES Project


The first phase of the massive YES! Project in Rotherham will include the purpose built arena for the Sheffield Steelers ice hockey team together with a conference hotel.

The latest interim report from developers, Oak Holdings, also states that while physical progress on the development adjacent to Rother Valley Country Park must wait until improved national economic conditions, work is continuing on strategic planning and liaison with potential tenants.

The company's results for the six months ended April 30 were a profit on ordinary activities before taxation of £186,791 compared to a loss of £360,191 the same period in 2008.

Following the agreement on the terms for the lease of the park, Oak are set to open a minature railway in August and plan to relocate heritage memorabilia currently stored at Ringwood Town and Country Experience in Hampshire.

Regarding funding the report states that: "Despite the fact that RVCP is now making a positive contribution to the group's finances, as previously announced, further working capital is needed to take the Company forward and to fund future revenue producing initiatives. Accordingly, a placing of new shares to raise up to £2.5m is now underway with presentations being made to potential institutional investors and with financial support indicated from private sources. The Board is confident that the diversification strategy which has now been adopted, together with the underlying development potential of the YES! Project, will ensure that the placing is successful."

YES Project website

Images: Oak Holdings


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