URL: https://moderngov.woking.gov.uk/ieDecisionDetails.aspx?ID=4377

Decision Maker: Executive

Outcome:

Is Key Decision?: Yes

Is Callable In?: Yes

Purpose: To outline and seek approval for the approach to divestment in companies and marketing their disposal.

Content: To outline and seek approval for the approach to divestment in companies and marketing their disposal. The Executive Resolved That (i)   the commencement of marketing by Victoria Square Woking Limited of the Marches residential units, Hilton Hotel and retail assets be approved;         (ii)  the draft marketing plans (which may be subject to further future change) included at Appendix 1 of the report for the disposal of the Marches, Hilton Hotel and retail premises be carefully considered and comments be provided for consideration by the Board of Victoria Square Woking Limited;         (iii)  the Board of Victoria Square Woking Limited be required to provide monthly updates on the implementation and any changes to the marketing plans to the Shareholder Executive Committee at its meetings;         (iv) the Leader of the Council on behalf of the Shareholder and as advised by officers following receipt of satisfactory legal, financial and marketing advice be authorised to take such decisions as may be required of the Shareholder (including approval of the nature/structure of the disposal of the assets) to facilitate the implementation of the Victoria Square Woking Limited marketing plans;         (v)  it be noted that the Board of Victoria Square Woking Limited will seek approval from the Executive on the preferred bidder and final sale terms;         (vi) the outline proposals set out in the report for determining an appropriate way forward by ThamesWey Energy Limited which will require a decision from the Executive at a later date be noted; and         (vii) the position on car parking arrangements which serve the Victoria Square assets be noted. Reason:  The disposal of the assets is in line with the VSWL business plan approved by the Council’s Shareholder Executive Committee.  The proposal is also in line with the Council’s Company Divestment Strategy which is a key plank of the Commercial Workstream within the Council’s Improvement and Recovery Plan. Cllr Barker, Leader of the Council.

Date of Decision: March 18, 2026