News blog
Oak Holdings
- BY: Andrew Hore |
- POSTED: 21/10/2011 |
Oak Holdings has lost its lease and management agreement for the Rother Valley Country Park, which generated most of its revenues.
Shares in Oak were suspended at 1.25p, valuing the company at £690,000. The shares were suspended because of uncertainties about the park business and the financial position of the group. Net debt was £1.4m at the end of April 2011. There was a small cash outflow in the previous six months.
Rotherham Metropolitan Borough Council, which previously cancelled YES! development project in Rotherham, has unexpectedly terminated the lease on the park with immediate effect. The park lost money in the year to October 2010. Oak still has assets at the park.
Oak still owns Ringwood Town & Country Experience and historic motor vehicle refurbisher Oak Heritage.
Interim revenues were flat at £506,000, while the loss increased from £131,000 to £209,000. In the year to October 2010, revenues were £1.26m and the loss was £11.5m after a £10.8m write-down on the cancelled YES! project in Rotherham.
In July, Oak appointed leisure sector expert Ian Cunningham to help develop its leisure activities.
Oak Heritage recently won a contract to restore a 1922 H6 Hispano Suiza, a marque of vintage cars it specialises in. This is worth £100,000. The same collector will employ Oak Heritage as an agent to acquire other vehicles.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFOctober2011_25.pdf
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