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Woking Borough Council is preparing to exercise its right to acquire Moyallen’s shares in Victoria Square Woking Limited (VSWL), securing 100 per cent control of the company that owns Victoria Place - the borough’s main town centre development.
A Shareholders’ Agreement provides the council with the option to acquire all of Moyallen’s 52 per cent stake in VSWL on completion of the development, which is expected to open fully this summer (2024).
Cllr Will Forster, Woking Borough Council’s Portfolio Holder for Key Projects, said: “It makes absolute sense for the council to exercise this option, giving us more control over this key asset and the flexibility to deliver the aims of the council’s Improvement and Recovery Plan.
“Whilst there are no immediate plans to sell Victoria Place, 100 per cent ownership of VSWL will give the council the power to authorise disposal of the company’s assets quickly and efficiently if the right opportunity presents itself to maximise return to the public purse.”
The cost of acquiring the VSWL shares is £15,600 and does not alter any of the asset’s liabilities or costs associated with Woking Borough Council’s interests in VSWL.
The recommendation to proceed with the share acquisition will be considered by the council’s Executive on Thursday 21 March 2024.