YES! Project firm loses Rother Valley park contract

Cabinet members have agreed that management of the 750-acre Green Flag-winning beauty spot should return to Rotherham Borough Council.

It comes eight months after a council report praised the working relationship with Oak, which had pledged to invest £1.5 million by 2016.

But the London-based leisure investors’ plan for the £350 million YES! Project next door was pulled in January after a decade of poor progress.

In August, China Visions was selected as the new partner and will develop a cultural theme park at the former Pithouse West site.

Karl Battersby, the council’s strategic director for environment and development services, said: “In light of the new preferred bidder, and the progress which is being made with this scheme, it made sense to transfer the management of the park back to the council.”

The seven-year plan for the country park began in 2009 and RVCP Ltd—a subsidiary of Oak—has been in charge since.

Had YES! Project attracted enough funding, Oak would have eventually taken over management of the whole site.

Oak said in a statement: “RVCP Ltd has substantial assets located at the park and the board is considering its position in relation to these and to the termination of the agreements and, as previously reported, the termination of the development agreement relating to the YES! Project.

“The decision by the council regarding the park, which was unexpected, does not affect the other subsidiaries of the company, being principally Ringwood Town and Country Experience and Oak Heritage.

“In light of the materiality of the terminated contracts to RVCP Ltd and the immediate uncertainty as to the outcome of this notice on RVCP Ltd and the group’s assets, outlook and working capital position, the board consider it appropriate to request suspension of the company’s shares pending clarification of these matters.”