Losses mounted for Oak

OAK Holdings made a loss of £1.8m last year as the YES! Project in Yorkshire collapsed and its contract to run Rother Valley Country Park was cancelled.

The loss included selling land previously bought for the YES! Project for £1.2m which was deemed to have “little value” after the project was abandoned.

Oak earned just £54,587 from continuing activities for the year to the end of October leading to a pre-tax loss of £507,365.

Trading in Oak shares was suspended in October last year after Rotherham Council cancelled the Rother Valley Country Park contract. It was also Oak’s partner on the YES! Project which was cancelled in January 2011.

The company yesterday announced shareholders had backed its move to become an investment vehicle focusing on the resource and energy sectors in Asia.

A CVA has been agreed to pay the creditors of the company which has been renamed Pires Investments.

Pires has also raised £1m to help pay off its debts and provide working capital for the new venture.