News: Oak Holdings financial results
Oak Holdings, the operator of Rother Valley Country Park and promoter and developer of the £350m YES! Project in Rotherham, has announced its interim results for the six months ended 30 April 2010.
In line with expectations, the company posted a loss on ordinary activities before taxation of £131,140, largely due to the quieter winter trading period and the extreme weather conditions affecting Rother Valley Country Park.
Following a successful fundraising in March 2010, Oak implemented its strategy to reposition the group as a leisure business operator and is focused on generating increasing revenues and income generation from its core leisure business operations.
Regarding the YES! Project, planning permission has been approved by Rotherham Metropolitan Borough Council and is awaiting ratification by the Local Government Office which is expected shortly.
The YES! Project will comprise 1.2million sq ft covered, fully integrated, mixed-use, leisure and entertainment based resort, activity and conference destination.
The updated plans will enable a phased construction approach with the first phase of the development set to include a purpose built arena for the Sheffield Steelers ice hockey team together with a conference hotel.
The results state that encouraging discussions are ongoing with a number of anchor tenants, in the hotel, retail and entertainment sectors.
Michael Woodcock, the new chairman at Oak Holdings said: "Economic trading conditions remain extremely challenging and a great deal of work still lies ahead.
"In July 2010, the Board was strengthened significantly to facilitate greater returns from the Group's existing operating activities, as well as those being planned, and to release the inherent value of the YES! Project.
"The approval of planning for the YES! Project provides a key foundation for the future and allows the Company to move forward with cautious optimism.
"The new Board will be examining all the opportunities available to the Group over the next few months and I look forward to reporting the outcome of those strategic discussions in due course."
Oak Holdings website
In line with expectations, the company posted a loss on ordinary activities before taxation of £131,140, largely due to the quieter winter trading period and the extreme weather conditions affecting Rother Valley Country Park.
Following a successful fundraising in March 2010, Oak implemented its strategy to reposition the group as a leisure business operator and is focused on generating increasing revenues and income generation from its core leisure business operations.
Regarding the YES! Project, planning permission has been approved by Rotherham Metropolitan Borough Council and is awaiting ratification by the Local Government Office which is expected shortly.
The YES! Project will comprise 1.2million sq ft covered, fully integrated, mixed-use, leisure and entertainment based resort, activity and conference destination.
The updated plans will enable a phased construction approach with the first phase of the development set to include a purpose built arena for the Sheffield Steelers ice hockey team together with a conference hotel.
The results state that encouraging discussions are ongoing with a number of anchor tenants, in the hotel, retail and entertainment sectors.
Michael Woodcock, the new chairman at Oak Holdings said: "Economic trading conditions remain extremely challenging and a great deal of work still lies ahead.
"In July 2010, the Board was strengthened significantly to facilitate greater returns from the Group's existing operating activities, as well as those being planned, and to release the inherent value of the YES! Project.
"The approval of planning for the YES! Project provides a key foundation for the future and allows the Company to move forward with cautious optimism.
"The new Board will be examining all the opportunities available to the Group over the next few months and I look forward to reporting the outcome of those strategic discussions in due course."
Oak Holdings website
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