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Oak Holdings
- BY: Andrew Hore |
- POSTED: 01/05/2011 |
Oak Holdings reported a loss of £11.5m in the year to October 2010, following a £10.8m goodwill write-off relating to the cancelled YES! project in Rotherham.
A further £250,000 was spent on the project during the year. Revenues grew from £762,000 to £1.26m. Most of the revenues came from the leisure operations. The comprise the Rother Valley Country Park, Ringwood Town & Country Experience and historic motor vehicle refurbisher Oak Heritage.
Net debt was £1.06m at the end of October 2010.
Costs have been reduced since the end of the financial year.
Steve Lewis resigned as chief executive of Oak in March 2011.
At 1.62p a share, Oak is valued at £900,000. Funding discussions continue. This should be a combination of equity and debt finance. The company wants to develop its leisure operations.
Cash could also be raised through the sale of some of Ringwood’s memorabilia.
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