The former developer of the £350m YES! project in Rotherham, Oak Holdings, has called time on the property sector and looks set to reinvent itself as an energy investor, with an initial focus on Asia.
The London-based firm plans to enter into a company voluntary arrangement, dispose of existing assets and undertake a new investment strategy as Pires Investments.
Oak was suspended from AIM last October following the termination of its contract to operate the Rother Valley Country Park attraction, its main source of income. It followed the council’s decision in January 2011 to end its development agreement with Oak for YES!
Broker Rivington Street Corporate Finance has raised £1m through a conditional share placing, which will be used to pay back £95,000 owed to creditors and for working capital. Oak’s total liabilities are estimated at £2m.
daniel.cunningham@estatesgazette.com
