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The Guardian - UK
The Guardian - UK
National
Richard Partington Economics correspondent

Bust Woking council to cut ties with firm behind debt-ridden skyscraper

Buildings looming above temporary wire fencing at Woking’s Victoria Square complex
The Victoria Square development was a key factor in the failure of Woking council’s risky investment spree that left it facing a £1.2bn deficit. Photograph: Leon Neal/Getty Images

Woking council plans to sever ties with the Northern Irish developer behind a skyscraper venture that helped tip the tiny Surrey local authority into effective bankruptcy.

Amid ballooning costs and delays, a dramatic plunge in the value of the council’s Victoria Square development – which is 52% owned by Moyallen, a business from Dungannon, County Tyrone – is at the centre of the local authority’s financial meltdown.

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