Woking Borough Council is preparing to exercise its right to acquire Moyallen’s shares in Victoria Square Woking Limited (VSWL), securing 100% control of the company that owns Victoria Place, the main town centre development.

A Shareholders’ Agreement provides the council with the option to acquire all of Moyallen’s 52% stake in VSWL for £15,600 on completion of the development, which is expected to open fully this summer.

Will Forster, the 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.”

“While there are no immediate plans to sell Victoria Place, 100% 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.”