Lewis departs after YES! Project collapse

OAK Holdings chief executive Steve Lewis has resigned in the wake of the decision to scrap the development agreement underpinning the £350m YES! Project.

Rotherham Council cancelled the agreement for the leisure and convention centre in January and Mr Lewis, who was leading the project, has now taken the decision to stand down.

In a statement, the company said “Steve considered that his skills could no longer be effectively deployed by Oak” but he had agreed to act as a consultant to the firm.

Oak Holdings owes Mr Lewis £125,000 and a deal has been struck that will see him paid with new shares in the company.

Following the YES! Project decision, Oak revealed it was looking for new equity-based funding.

The company said yesterday: “Oak continues to be in discussions with a third party with a view to agreeing terms for  an injection of funds into the company and continues to explore other options including the acquisition for shares of a new business or assets. 

“Shareholders will be further updated in due course.”