News: Oak's losses continue following YES! Project termination

Oak Holdings has reported on a "difficult year" following the termination of the developer agreement for the YES! Project in Rotherham and the short term lease and associated management agreement for Rother Valley Country Park.

The delayed £350m proposal was set to create the largest undercover leisure based scheme in Europe but in January 2011, Rotherham Council terminated the development agreement relating to the YES! Project between RMBC, Oak Ventures Limited and Oak Holdings plc.

Oak took over the management of the well visited park as part of the developer agreement but the council terminated this agreement in October 2011 and the management of the park was brought back under the direct control of the council.

Oak Holdings plc has been temporarily suspended from the AIM stock exchange since then but trading has now been restored following a creditors' voluntary arrangement, new directors and a new investment strategy.

The company will be renamed Pires Investments and hope to raise £1m through a placing of new shares to fund the CVA and to pursue the new approved investing policy.

The company posted losses of £1.7m for the year ending October 31 2011. The loss included selling land bought for over £1m that was due to be used as access to the A57 for the YES! Project. The land has "little value above the bare agricultural value at which it is being sold back to the vendor."

Oak Holdings posted a loss before tax of £11.48m last year as a result of failing to prevent the termination of the developer agreement for the YES! Project.

Oak entered into a preferred developer agreement with Rotherham Council in May 2003 and the development agreement was signed in August 2008. Outline planning approval was granted in 2007 and updated plans for outline planning were approved in September 2010. The agreement was terminated by the council after Oak made a "material lack of progress."

The Council's cabinet selected new preferred developers in August 2011, China Vision Ltd and regeneration specialist MCD Developments. Their Visions of China project will be a £118m, 120 acre cultural theme park set in an authentically built and landscaped Chinese environment combining a range of experiences and activities for visitors.

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News: Oak considers compensation claim

With insufficient working capital and insufficient available resources, Oak Holdings is taking legal advice over the cancelled contract to manage the Rother Valley Country Park in Rotherham.

In October, Oak Holdings was temporarily suspended from the AIM stock exchange after Rotherham Metropolitan Borough Council terminated the short term lease and associated management agreement for the park.

Shares in the company behind the failed YES! Project remain suspended whilst the financial position of the company remains unstable and its future uncertain.

The operation of the well visited park was Oak's primary source of revenue after Oak took over the management as part of the developer agreement for the proposed £350m leisure development on the adjacent Pithouse West site.

The developer agreement was terminated by the council in January last year after Oak made a material lack of progress on what was to be the largest undercover leisure based scheme in Europe.

The management of the park has been brought back under the direct control of the council.

A statement to the stock exchange, said: "The Oak Board has reviewed the contract to manage RVCP and has taken legal advice with a view to ascertaining whether it may be entitled to compensation from Rotherham Metropolitan Borough Council in respect of contractual and other matters arising from the early termination of the contract.

"The precise amount of the claim is not yet certain and, accordingly, there is no certainty as to the outcome."

In a recent council meeting, the cabinet member for Regeneration and Environment explained that the termination of the contract was instigated by the council and not by mutual consent and that it was not anticipated that there would be any budget implications resulting from the termination.

Oak is currently generating insufficient working capital and has insufficient available resources to meet its existing and ongoing liabilities and has therefore sought assistance from third parties.

They recently drew a series of small secured loans from a group of lenders led by Yorke & Hartford Limited which total £36,135. Other lenders include Mr Uday Nayak and companies associated with him. This lending group has previously lent the Oak Group a net aggregate of £208,606 (excluding accrued interest) which remains outstanding.

In a half yearly report in July 2011, the company posted a pre-tax loss of £209,000 for the six months to the end of April 2011, compared to a £131,000 loss in the same period last year.

Since the termination of the developer agreement, the council has selected new preferred developers for the site who intend to create a unique culture and leisure development based on the "Visions of China."

Oak Holdings website
Rother Valley Country Park website

Images: rvcp.co.uk

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News: Oak cut by council

Oak Holdings plc has been temporarily suspended from the AIM stock exchange after Rotherham Metropolitan Borough Council terminated the short term lease and associated management agreement for Rother Valley Country Park.

Oak took over the management of the well visited park as part of the developer agreement for the proposed £350m YES! Project on the adjacent Pithouse West site.

The developer agreement was terminated by the council in January after Oak made a material lack of progress on what was to be the largest undercover leisure based scheme in Europe.

The management of the park is set to be brought back under the direct control of the council.

Running the park generated the majority of the loss-making group's turnover and as a result of the termination, the board considered it appropriate to request suspension of the company's shares pending clarification on what affect this will have of the group's assets.

Oak has substantial assets located at the park such as a miniature railway and the board is considering its position in relation to these. Oak also continues to own the valuable freehold of the A57 land adjacent to the site of the Pithouse West site.

In a half yearly report in July, the company posted a pre-tax loss of £209,000 for the six months to the end of April, compared to a £131,000 loss in the same period last year.

Substantial overhead cuts were achieved and a number of directors left the company including Steve Lewis who resigned as chief executive in March.

Since the termination of the developer agreement, the council has selected new preferred developers for the site who intend to create a unique culture and leisure development based on the "Visions of China."

Oak Holdings website
Rother Valley Country Park website

Images: rvcp.co.uk

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News: Oak investigates YES! Project termination

The board of Oak Holdings continue to investigate all the circumstances leading to the decision by Rotherham Council to terminate the development agreement for the proposed YES! Project.

In a half yearly report, the company posted a pre-tax loss of £209,000 for the six months to the end of April, compared to a £131,000 loss in the same period last year.

Substantial overhead cuts have been achieved and a number of directors have left the company including Steve Lewis who resigned as chief executive in March.

The company's main income is from leisure activities including the operation of Rother Valley Country Park in Rotherham. Oak took over the management of the well visited park as part of the developer agreement for the proposed £350m YES! Project on the adjacent Pithouse West site.

The developer agreement was terminated by the council in January after Oak made a material lack of progress on what was to be the largest undercover leisure based scheme in Europe. They continue to successfully manage the Rother Valley in accordance with the interim management agreement.

The board stated that: "The board continues to investigate all the circumstances leading to the decision by the Council to terminate the development agreement and will report any significant findings to shareholders in due course."

The board also reported that some capital investment has been made at the Rother Valley Country Park and that they are "seeking to add further substantial attractions within its current businesses, a number of which are awaiting Rotherham Metropolitan Borough Council's "in principle" approval, a response for which is expected shortly."

Oak also continues to own the valuable freehold of the A57 land adjacent to the site of the Pithouse West site but they no longer capitalise financing costs associated with the land as technically this is no longer in the course of development following the termination.

Since the termination of the developer agreement, the council have put the land up for sale. One interested party is looking to create a £118m pound project that would create a unique culture and leisure development at Rother Valley Country Park based on the "Visions of China."

The Sheffield City Region Local Enterprise Partnership (LEP) was keen to endorse a bid led by a consortium to secure £5.7m from the government's Regional Growth Fund that would "bring forward an iconic addition to the British tourism market."

Oak Holdings website
Rother Valley Country Park website

Images: RVCP

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News: New director for Oak Holdings

Oak Holdings, operator of the Rother Valley Country Park in Rotherham, has appointed Ian Cunningham as an Associate Director to develop their leisure activities.

Oak took over the management of the well visited park as part of the developer agreement for the proposed £350m YES! Project on the adjacent Pithouse West site.

The developer agreement was terminated by the council in January after Oak made a material lack of progress but they continue to successfully manage the Rother Valley in accordance with the interim management agreement.

Oak also continues to own the valuable freehold of the A57 land adjacent to the site of the Pithouse West site.

The appointment of a new director is one of a number of steps Oak's board is taking to focus on achieving higher revenues from the group's leisure activities on a cost effective basis.

Mr Cunningham is an industry professional with experience in both the public and private sector.

He started his career with Sea life Centres which he joined in 1980. He left that business in 1995 having been the Operations Director of a business attracting 4 milllion visitors a year. He then founded The Real Live Leisure Company which built and operated two aquariums before being sold in 1999. Mr Cunningham then went on to work as Operations Director of the Eden Project before founding another start up leisure company - Blue Reef Leisure Ltd which focussed on purchasing and improving under performing visitor attractions. Blue Reef was sold to the Spanish Leisure company Aspro in 2010.

Oak Holdings website
Rother Valley Country Park

Images: rvcp.co.uk

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News: YES! Project land goes up for sale

The site of the proposed £350m YES! Project at Pithouse West in Rotherham has been put up for sale by Rotherham Council after developers Oak Holdings made a material lack of progress.

The 135 Hectare (333 acre) site is a former opencast mine and is adjacent to Rother Valley Country Park. It is being advertised as a "Landmark Leisure / Tourism Development Opportunity" with "all concepts / proposals considered."

The delayed £350m proposal was set to create the largest undercover leisure based scheme in Europe but in January, Rotherham Council terminated the development agreement relating to the YES Project between RMBC, Oak Ventures Limited and Oak Holdings plc.

Oak entered into a preferred developer agreement with RMBC in respect of the YES Project in May 2003 and the development agreement was signed in August 2008. Outline planning approval was granted in 2007 and updated plans for outline planning were approved in September 2010.

Extreme sports specialist Venture Xtreme and golf driving range company Baydrive were the first tenants to sign up and in 2008 and Oak secured a deal with the Sheffield Steelers ice hockey team to develop a new state-of-the-art purpose-built arena on the site.

The plans also included an indoor climbing facility, ice climbing, snow room, diving centre, access mall and changing rooms plus a hydrodome complex, indoor surf centre, rope park pavilion, indoor sky diving, a Top Chip hall and a Via Ferratta (an adventure climbing system).

Further "experience" operations were also mentioned including a brewery experience, a food experience and academy and a chocolate experience.

In November 2010, the Council's Cabinet authorised officers to explore alternative options for the development of the Pithouse West site.

On terminating the developer agreement in January, Karl Battersby, strategic director of environment development services for Rotherham Borough Council, said: "This scheme has been running for over ten years and has not progressed as we would have wished. However, our intentions have not changed, and we are still of the view that the site has massive potential.

"We will be seeking other opportunities to bring forward a leisure based scheme of international significance on the site, complementary to Rother Valley Country Park."

RMBC website

Images: rvcp.co.uk

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News: Oak hit by YES! Project termination

Oak Holdings has posted a loss before tax of £11.48m for the year ended 31 October 2010 as a result of failing to prevent the termination of the developer agreement for the YES! Project in Rotherham.

Rotherham Council (RMBC) terminated the development agreement relating to the YES! Project between RMBC, Oak Ventures Limited and Oak Holdings plc in January.

The delayed £350m proposal was set to create the largest undercover leisure based scheme in Europe adjacent to Rother Valley Country Park in Rotherham.

Oak's latest financial report states how it "had been impossible to formalise funding or to secure binding pre-lets with key tenants and, we understand, RMBC took this delay in securing formal agreements as a material lack of progress."

Oak gave a joint presentation to RMBC with a credible joint venture partner in an attempt to extend the development agreement.

The group's financial loss was struck after providing against the whole of the goodwill previously carried, an impairment charge of £10,828,446, following the termination of the development agreement relating to the YES! Project. £250,000 that the group spent on gaining updated outline planning approval has also been written off.

At the year end the company had negligible cash and nearly £2m of creditors. Active discussions are underway with creditors with a view to securing the group's
position. Oak is also in active discussions with a third party for a significant equity or equity related investment and hopes to be able to announce further details of this in the coming weeks.

Commenting on the results, Mike Woodcock, chairman of Oak Holdings, said: "This is not the report I imagined writing when I became chairman in the middle of 2010. The Yes! Project seems over although we continue to strive to achieve value from it and the adjacent freehold land we own. We are now focusing on developing a successful leisure business and are determined to achieve value for shareholders."

Oak continues to successfully manage the Rother Valley Country Park in accordance with the interim management agreement. Oak continues to own the valuable freehold of the A57 land adjacent to the site of the Pithouse West site.

Oak Holdings website

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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

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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

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News: Rotherham Council says no to Oak Holdings

Rotherham Council (RMBC) has issued a notice stating that it intends to terminate the current development agreement relating to the YES Project between RMBC, Oak Ventures Limited and Oak Holdings plc.

The £350m proposal was set to create the largest undercover leisure based scheme in Europe adjacent to Rother Valley Country Park in Rotherham.

Oak entered into a preferred developer agreement with RMBC in respect of the YES Project in May 2003 and the development agreement was signed in August 2008. Outline planning approval was granted in 2007 and updated plans for outline planning were approved in September 2010.

Extreme sports specialist Venture Xtreme and golf driving range company Baydrive were the first tenants to sign up and in 2008 and Oak secured a deal with the Sheffield Steelers ice hockey team to develop a new state-of-the-art purpose-built arena on the site.

The plans also included an indoor climbing facility, ice climbing, snow room, diving centre, access mall and changing rooms plus a hydrodome complex, indoor surf centre, rope park pavilion, indoor sky diving, a Top Chip hall and a Via Ferratta (an adventure climbing system).

Further "experience" operations were also mentioned including a brewery experience, a food experience and academy and a chocolate experience.

In November 2010, the Council's Cabinet authorised officers to explore alternative options for the development of the Pithouse West site at Rother Valley and turned down Oak's request to extend the time limit on the development agreement in December. The council has taken the decision to cancel the current development agreement.

Karl Battersby, strategic director of environment development services for Rotherham Borough Council, said: "This is not a decision we have taken lightly and was based on our view of the likelihood of the project being delivered by Oak Holdings.

"This scheme has been running for over ten years and has not progressed as we would have wished, However, our intentions have not changed, and we are still of the view that the site has massive potential.

"We will be seeking other opportunities to bring forward a leisure based scheme of international significance on the site, complementary to Rother Valley Country Park."

In a statement to the stock exchange, Oak's board stated that they are currently reviewing its options in respect of the notice and added that "there is no indication at this stage that RMBC will agree to cancel the termination notice or extend the current development agreement. If the situation changes a further announcement will be made."

Oak also stated that the global financial crisis and depressed property markets had resulted in them being unable to secure the funds needed to commence the development phase of the project.

Oak will continue to manage the Rother Valley Country Park in accordance with the interim management agreement. Oak continues to own the valuable freehold of the A57 land adjacent to the site of the YES Project - the consented access land.

Oak Holdings website

Images: Oak Holdings

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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

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News: Changes at Oak Holdings

Oak Holdings, the operator of Rother Valley Country Park and promoter and developer of the £350m YES! Project in Rotherham, has made changes to their board as they move to become an asset-based leisure business operator.

Malcolm Savage, Chairman of Oak for 10 years, has resigned from the board and retired but will continue to advise the company on a consultancy basis.

Following a successful fundraising in March 2010, Oak implemented its strategy to reposition the group as a leisure business operator and developer of the YES! Project. As part of this strategy, Oak has made new appointments to the board.

Mike Woodcock will become the new executive chairman, Simon Hamilton-Holbrook will become the commercial director and Mark Bullock will be a non-executive director.

Steve Lewis, chief executive of Oak said: "I am very pleased to announce these important appointments to the Board.

"The new directors have weighty and broad experience in the leisure and property development sectors, all achieving notable successes. I believe that their combined skills position Oak ideally to pursue, with confidence, its strategy to develop profitable leisure operations, whilst realising the significant value of its property portfolio."

Oak Holdings website

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News: YES! Project developer returns to profitability

The developers of the YES! Project in Rotherham have announced their preliminary financial results for the year ended October 31 2009.

Oak Holdings' revenue increased to £761,784 compared to £25,073 in 2008 and the company returned to profitability, recording pre-tax profit of £326,536, compared to a loss of £782,929 in 2008.

After taking over operations in May last year, Rother Valley Country Park has helped the company generate revenues and an approach will be made to the stock market to reclassify Oak into the leisure sector instead of the current property classification.

As reported last month, Oak successfully completed a placing of approximately £1.5m through the issue of new ordinary shares at 5p per share enabling the repositioning of the business.

They also agreed heads of terms have been with Sheffield Steelers, the UK ice hockey team, to build a new multi-purpose sports facility to become the first letting. This will enable the company to embark on the first phase of the YES! Project.

A revised planning application was submitted in January for the renewal of the previous outline plans approved by Rotherham Council in 2007. The application provides for the project to be constructed in phases as pre-letting demand materialises, facilitating a more flexible approach to delivering the largest undercover leisure destination and convention resort in Europe.

Malcolm Savage, Chairman of Oak, said: "The outlook for Oak is a great deal brighter than it was 12 months ago. The repositioning of the company as a revenue generating leisure business, creating value through trading and property investment activities, augurs well for shareholders. The directors are confident that this will enable Oak to take advantage of current market opportunities as they arise, whilst continuing to retain the longer term value of its property development potential.

"Although protracted difficulties in the property market have, in certain sectors, subdued demand, I am pleased to report a recent increased level of tenant interest in the YES! Project.

"The commercial viability of the YES! Project and the group's leisure based projects remain sound and the directors believe that the repositioned group is well placed to take advantage of increasing market opportunities."

Oak Holdings website
Rotherham

Images: Oak Holdings

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News: Progress for YES! Project with £1.5m placing and first tenant signed

Oak Holdings, the operators of Rother Valley Country Park and developers behind the YES! Project in Rotherham has announced that the company has successfully completed a placing of approximately £1.5m through the issue of new ordinary shares at 5p per share.

Heads of terms have been agreed with Sheffield Steelers, the UK ice hockey team and defending Elite League champions, to build a new multi-purpose sports facility to become the first letting.

As part of the heads of terms, Oak has agreed to seek to create a temporary ice rink which will be managed by the Steelers through a new joint venture between the Company and the Steelers to be known as Rother Valley Ice Limited ("RVIL"). The temporary facility is likely to have a valuable use after the new stadium is built, for example as a rink for public skating.

Oak also announced that it is in discussions with hotel groups in respect of further pre-lettings.

The YES! Project will comprise 1.2million sq ft covered, fully integrated, mixed-use, leisure and entertainment based resort, activity and conference destination.

An updated application was submitted last month for the renewal of the previous outline plans approved by Rotherham Council in 2007. The opportunity was taken to submit the findings of extensive design works that have been undertaken in recent months.

After taking over operations in May last year, Oak also announced that improved year on year trading at Rother Valley Country Park continues, generating cash.

Steve Lewis, Chief Executive of Oak, said: "These transactions complete the repositioning of Oak as an asset-based leisure business with tremendous property potential. We are very pleased to have agreed terms with the Sheffield Steelers on the development of their new home. This agreement adds new value to our Rother Valley Country Park operation and kick starts the first phase of Oak's exciting YES! Project."

Oak Holdings website
Steelers website
Rotherham

Images: Oak Holdings

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News: Updated YES Project plans submitted

Oak Holdings, the operators of Rother Valley Country Park and developers behind the YES! Project in Rotherham has submitted an updated planning application for what will be the largest undercover leisure based scheme in Europe.

The YES! Project will comprise 1.2million sq ft covered, fully integrated, mixed-use, leisure and entertainment based resort, activity and conference destination.

The application is for the renewal of the previous outline plans approved by Rotherham Council in 2007 and the opportunity has been taking to submit the findings of extensive design works that have been undertaken in recent months.

The marginal changes include those enforced by the constraints of the ground conditions and those following a commercial review of the potential occupiers and clients. The new design allows for the fourteen-floor building to be more readily divisible into construction phases.

Further details of the extreme sports that are to be included in the development are highlighted and there is a desire to integrate these extreme sports more closely into the complex.

These include an indoor climbing facility, ice climbing, snow room, diving centre, access mall and changing rooms plus a hydrodome complex, indoor surf centre, rope park pavilion, indoor sky diving, a Top Chip hall and a Via Ferratta (an adventure climbing system).

Further "experience" operations are also mentioned including a brewery experience, a food experience and academy and a chocolate experience.

Extreme sports specialist Venture Xtreme and golf driving range company Baydrive were the first tenants to sign up and in 2008, Oak secured a deal with the Sheffield Steelers ice hockey team to develop a new state-of-the-art purpose-built arena on the site.

Last year, Oak announced in an interim report that the first phase of the development will include the purpose built arena for the Sheffield Steelers together with a conference hotel.

Oak Holdings website
Rotherham

Images: Oak Holdings / Signet Planning

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News: YES! Project developers in £1.5m shares issue

Oak Holdings, the operators of Rother Valley Country Park and developers behind the YES! Project in Rotherham is looking at the potential placing of new ordinary shares to raise up to £1.5m.

In a trading update, the board announced that it has made considerable operational progress in its trading and is making a number of presentations to potential investors over the coming weeks.

They also announced that Oak is repositioning itself as a sustainable, leisure based business with substantial development interests. The board expects that the Group will be profitable in 2010.

In May, Oak took over the operation and management of the Rother Valley Country Park, with a clear strategy to improve and enhance the existing facilities whilst also embarking on a programme of progressively introducing new attractions.

A programme of investment has commenced which includes a new miniature gauge steam railway and both land and water zorbs.

Chief Executive Steve Lewis said: "The integration of RVCP has been exceptionally smooth and builds on the excellent relationship we have forged with Rotherham Metropolitan Borough Council over the years.

"The response of the RVCP staff during the transition has been most heartening and professional. A structured expansion of facilities in the Park, which should significantly increase visitor numbers, has been agreed with RMBC which will bring lasting benefits to the people of Rotherham, South Yorkshire, and beyond. The introduction of the miniature gauge railway has already generated interest from as far afield as the US."

The Park, which extends to 1,097 acres, will be integrated into Oak's adjacent 327 acre, £300 million YES! Project, the Development Agreement for which was executed in August 2008.

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

Oak Holdings website
Rotherham

Images: oakholdings.co.uk

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News: South Yorkshire Ambassador programme launched

Yorkshire South Tourism launched its innovative Conference Ambassador Programme at Swindon House Conference Centre in Rotherham.


The Ambassador Programme engages with local business people in order to create a network of motivated, informed and well-connected ambassadors who can promote Rotherham's events and conference facilities to the organisations and societies of which they are members.

Chris Welsh, Chair of Yorkshire South said: "Business people in the Yorkshire South region are talented, dedicated and proud of where they come from. This is why they are the perfect people to take the message of the region's outstanding conference offer to the rest of the country and beyond."

Steve Lewis, Chief Executive of Oak Holdings said: "Rotherham is already a centre of excellence for many business sectors. Conferences are a great way to showcase the town's achievements and lever more success, profile and investment.

"Oak Holdings are investing into Rotherham with the development of the YES Project which will be a huge draw for business delegates."

Yorkshire South website
YES Project website
Rotherham

Images: yorkshiresouth.com

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News: New finance man for YES! Project developer

Oak Holdings, the developers of the £300m YES! Project in Rotherham has appointed Mike Williams, to join the Board.

A founder director of CDC, he will oversee the financial function of the group following the resignation of Finance Director, Mike Hill.

Williams is a fellow of the Chartered Institute of Management Accountants and a chartered engineer. He is widely recognised as a leading visionary in the field of integrated systems within intelligent buildings and the built environment.

The Board also announced the creation of a new trading subsidiary, Rother Valley Railway Limited, which will construct and operate a narrow gauge railway in the Rother Valley Country Park in Rotherham.

Further Board appointments are expected shortly as Oak expands its activities from pure property development to encompass leisure operations including the successful assimilation of the management of the Rother Valley Country Park.

Oak Holdings website
Rotherham

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News: YES! Project developers sign Rother Valley Country Park lease

Oak Holdings, the property development and consultancy group, has announced it has signed an agreement with Rotherham Metropolitan Borough Council for a seven year Head Leasehold interest in the Rother Valley Country Park.


Oak will take over the operation and management of the Park, with a clear strategy to improve and enhance the existing facilities whilst also embarking on a programme of progressively introducing new attractions to widen the appeal of this existing significant destination which currently attracts over 800,000 visitors per annum.

The Park, which extends to 1,097 acres, will be integrated into Oak's adjacent 327 acre, £300 million YES! Project, the Development Agreement for which was executed in August 2008. The YES! Project will comprise 1.2million sq ft covered, fully integrated, mixed-use, leisure and entertainment based resort, activity and conference destination. When completed the project will become the largest undercover leisure based scheme in Europe.

Chief Executive of Oak Holdings, Steve Lewis, said: "The acquisition of the lease is further confidence in this location and in the YES! Project. The future integration of the Park into the YES! Project has always been our intention, but this early acquisition allows us to progress new initiatives earlier. The early inward investment will not only enhance the well established reputation of the Park, but also create new jobs and opportunities for the region. This arrangement cements our relationship with RMBC and demonstrates our commitment to develop an all-encompassing attraction, integrating facilities at both the YES Project and the Park. The opportunities that this regeneration of a former coal field can bring to the region are substantial."

The directors have been in negotiations with various investors who have expressed an interest in subscribing for new shares in the company following the commencement of the RVCP lease.

Although current economic circumstances dictate that progress towards a physical start to the development will take longer than anticipated, discussions with potential tenants remain ongoing.

Graham Axford, Director of Oak said "Several potential investors and also several existing shareholders have witnessed our determined progress over the years and are in serious discussions to invest. Each recognises the skills of the management team and the potential value that we have produced for our shareholders and for our partner, Rotherham Metropolitan Borough Council, as well as the sustainable social and employment value that we shall create for the local area by delivering our inclusive scheme in South Yorkshire."

Oak expects to conclude these serious discussions within the following weeks.

Oak Holdings website

Rotherham

Images: Oak Holdings / RiDO

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News: Rotherham Council and Steelers look ahead to more success

The Sheffield Steelers visited Rotherham Town Hall this month to toast the team's succes in becoming the 2009 Elite League champions. Steelers GM Mike O'Connor said: "It was a very kind gesture from all at Rotherham Council, we enjoyed a nice glass of the bubbly and some good conversation with the Council members. There seems to be a great deal of excitement surrounding our move to Rother Valley shortly and the Council members were keen to meet the players and give them their support for our Play Off campaign." Captain Jonathan Phillips said: "It was a welcome break from our duties at the rink and it was also good to meet the people behind our new building, all the guys are looking forward to that. It's nice to know that the Council supports you, it makes you feel part of the community. We hope to bring the play off trophy here soon in a couple of weeks time as well" The Steelers signed up to be part of the massive £350m YES! Project in Rotherham last year. The agreement with developers, Oak Holdings, is for a 25 year lease to become tenants of a planned purpose-built 5,000-seater twin-pad ice rink.

Sheffield Steelers website
YES! website
Rotherham

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