News: Oak Holdings reviewing future plans and financing
Oak Holdings, the operators of Rother Valley Country Park in Rotherham, has been reviewing the future plans and financing for the group following the decision by Rotherham Council to terminate the development agreement relating to the YES! Project.
The £350m proposal was set to create the largest undercover leisure based scheme in Europe.
In a trading statement, the board stated that the group requires further equity based funding to achieve its objectives and is in discussions with a third party for an injection of such funds. The group also said that it is in discussions with banks with a view to funding some of the capital.
The group's main revenue generating business is the operation of the Rother Valley Country Park which is adjacent to the YES! Project site at Pithouse West. The group owns a seven year lease on the park and runs a number of outdoor activities there.
It is widely used by local schools, national sporting bodies and by individuals. It receives some 900,000 visitors each year and the board believes that there is considerable scope to increase the current profitability of the operation through some modest investment in additional and enhanced facilities.
A progress report given to the council's cabinet yesterday outlined the improvements already made to the park including improvements to the water sports facility, improvements to the café and courtyard, the introduction of a miniature steam railway and new events and activities.
Oak estimate that the total cost of all improvements will be in the region of £1.5m and viability studies have been approved for a new caravan park and lakeside
café/meeting facility.
Oak still owns land next to the A57 which is adjacent to the site of the YES! Project. The board believe that this "consented access" is likely to be required to provide access to the site for any alternative developer and will have the potential for separate development prospects alongside any development on the YES! site. Oak acquired the land for £1.2m back in 2007 but admit that its value at the moment is very difficult to assess.
Oak Holdings website
Rother Valley Country Park website
Images: rvcp.co.uk
The £350m proposal was set to create the largest undercover leisure based scheme in Europe.
In a trading statement, the board stated that the group requires further equity based funding to achieve its objectives and is in discussions with a third party for an injection of such funds. The group also said that it is in discussions with banks with a view to funding some of the capital.
The group's main revenue generating business is the operation of the Rother Valley Country Park which is adjacent to the YES! Project site at Pithouse West. The group owns a seven year lease on the park and runs a number of outdoor activities there.
It is widely used by local schools, national sporting bodies and by individuals. It receives some 900,000 visitors each year and the board believes that there is considerable scope to increase the current profitability of the operation through some modest investment in additional and enhanced facilities.
A progress report given to the council's cabinet yesterday outlined the improvements already made to the park including improvements to the water sports facility, improvements to the café and courtyard, the introduction of a miniature steam railway and new events and activities.
Oak estimate that the total cost of all improvements will be in the region of £1.5m and viability studies have been approved for a new caravan park and lakeside
café/meeting facility.
Oak still owns land next to the A57 which is adjacent to the site of the YES! Project. The board believe that this "consented access" is likely to be required to provide access to the site for any alternative developer and will have the potential for separate development prospects alongside any development on the YES! site. Oak acquired the land for £1.2m back in 2007 but admit that its value at the moment is very difficult to assess.
Oak Holdings website
Rother Valley Country Park website
Images: rvcp.co.uk
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