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OAK HOLDINGS SIGNS MOU'S WITH MAJOR LEISURE OPERATORS FOR FLAGSHIP SOUTH YORKSHIRE DEVELOPMENT

Oak Holdings plc (‘the Company'), the AIM listed property development group, has signed up three potential anchor operators for its planned multi million pound flagship entertainment and leisure scheme in South Yorkshire .

The scheme, known as the YES! project, is located close to junction 31 of the M1 near Rotherham on the site of a former coal mine and will include 1.25 million sq ft. of entertainment and leisure facilities linked to the 1,000 acre Rother Valley Country Park. The project is expected to generate significant regeneration benefits for the South Yorkshire regions, including 3,000 new jobs, many in the regions growing cultural and creative industries

Rotherham Metropolitan Borough Council, the owner of the site, selected Oak Holdings as its Preferred Developer in 2003. The scheme has the support of the Council and Yorkshire Forward, the Regional Development Agency, as well as other major public sector organisations in the region, based around a shared vision to create a world class tourist destination for the region.

Three potential anchor operators have each signed Memorandum of Understanding (‘MOU') with Oak Holdings relating to major space at the project:

Sony United Kingdom Ltd and Venue Solutions, Sony and its systems integrator, Venue Solutions, a specialist in venue management technologies, will provide a state of the art innovative indoor entertainment centre as well as supply numerous other brand and technology solutions at the £270 million YES! Project.

Baydrive Group Limited, the owners of the innovative TopGolf Centres in Watford and Chigwell, is intending to open a major new golf centre within the YES! development. TopGolf Centres are luxury driving ranges, utilizing their patented computer chipped golf balls, which provide entertainment for families and mixed ability groups as well as serious golfers who want to improve their swing. The installation of a centre at the YES! project is part of Top Golf's national and international roll-out programme.

Venture Xtreme (UK) Limited has confirmed its interest in an impressive new facility which will include both indoor and outdoor extreme pursuits, taking advantage of the topography of the site and the water sports facilities available in the adjoining 684 acre country park.

Oak Holdings Chief Executive Steve Lewis said: “We are delighted to have received the backing from three experienced leisure operators keen on participating in what we believe is potentially one of the most exciting leisure and entertainment projects ever undertaken in this country. These are the first three MOU's to be signed by Oak and mark a major step forward in the progression of the project. Furthermore, we are in negotiations with a number of other companies who have expressed interest in the project including leading international hotel operators. These negotiations are progressing well and we hope to make further announcements in the coming months.”

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