News: Lewis leaves Oak Holdings
Steve Lewis has resigned as chief executive of Oak Holdings, the developer behind the proposed YES Project in Rotherham.
The move follows Rotherham Council's decision to terminate the developer agreement in January. The £350m proposal was set to create the largest undercover leisure based scheme in Europe adjacent to Rother Valley Country Park in Rotherham.
In an update to the stock exchange the board stated that: "Following this termination, Steve considered that his skills could no longer be effectively deployed by Oak. Steve has agreed that he will make himself available to Oak to progress property consultancy and other suitable projects as appropriate on terms to be agreed."
They also stated that £125,000 was owed to Lewis by the company but that will be satisfied in due course by the issue to him of new shares in the company made if and when new funds are secured.
Oak continues to be in discussions with a third party with a view to agreeing terms for an injection of funds and continues to explore other options including the acquisition for shares of a new business or assets.
Oak continues to manage the Rother Valley Country Park in accordance with the interim management agreement and Oak also owns the valuable freehold of the A57 land adjacent to the site.
Steve Lewis was the originator and leader of the YES Project concept and Oak entered into a preferred developer agreement with Rotherham Council in May 2003 with the development agreement signed in August 2008. Outline planning approval was granted in 2007 and updated plans for outline planning were approved in September 2010.
The Council's Cabinet has authorised officers to explore alternative options for the development of the 327 acre Pithouse West site and they are seeking other opportunities to bring forward a leisure based scheme of international significance on the site, complementary to Rother Valley Country Park.
Oak Holdings website
The move follows Rotherham Council's decision to terminate the developer agreement in January. The £350m proposal was set to create the largest undercover leisure based scheme in Europe adjacent to Rother Valley Country Park in Rotherham.
In an update to the stock exchange the board stated that: "Following this termination, Steve considered that his skills could no longer be effectively deployed by Oak. Steve has agreed that he will make himself available to Oak to progress property consultancy and other suitable projects as appropriate on terms to be agreed."
They also stated that £125,000 was owed to Lewis by the company but that will be satisfied in due course by the issue to him of new shares in the company made if and when new funds are secured.
Oak continues to be in discussions with a third party with a view to agreeing terms for an injection of funds and continues to explore other options including the acquisition for shares of a new business or assets.
Oak continues to manage the Rother Valley Country Park in accordance with the interim management agreement and Oak also owns the valuable freehold of the A57 land adjacent to the site.
Steve Lewis was the originator and leader of the YES Project concept and Oak entered into a preferred developer agreement with Rotherham Council in May 2003 with the development agreement signed in August 2008. Outline planning approval was granted in 2007 and updated plans for outline planning were approved in September 2010.
The Council's Cabinet has authorised officers to explore alternative options for the development of the 327 acre Pithouse West site and they are seeking other opportunities to bring forward a leisure based scheme of international significance on the site, complementary to Rother Valley Country Park.
Oak Holdings website
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