Reports set out proposed future of council companies and assets
Reports outlining proposed approaches to the future of council-owned companies and associated assets have been published ahead of next week’s Executive meeting (Thursday 11 June).
Members of the Executive will consider three detailed proposals relating to Thameswey Housing Ltd (THL), Thameswey Energy Ltd (TEL) and Victoria Square Woking Ltd (VSWL).
The reports are a key aspect of the council’s Company Divestment Strategy, and its wider Improvement and Recovery Plan, which aim to simplify company structures, dispose of commercial and residential assets and reduce the council’s historic borrowing.
Thameswey Housing Ltd
The first report seeks approval to begin the sale of Thameswey Housing Ltd, including commencing the marketing process and taking any necessary steps to progress a potential sale.
The report sets out a range of options and recommends that a sale to an investor committed to protecting affordable homes offers the best balance between market value, timely delivery and safeguarding affordable housing.
Thameswey Energy Ltd
The second report proposes that Woking Borough Council take direct ownership of TEL to provide greater assurance over the continuity and reliability of energy supply across Woking town centre.
By taking direct ownership, the council would support the long-term sustainability of the heat network serving residents, businesses and key local assets.
Victoria Square Woking Ltd
The third report sets out updated advice on the disposal of Victoria Square assets previously agreed by Executive in March.
Following advice from independent consultants, the report proposes that the core assets, The Marches residential development, hotel complex, Henry Plaza and Victoria Place Red and Green car parks, are marketed as a single freehold package.
This is expected to enhance market appeal, reduce complexity and risk and support a more deliverable sales process.
Whilst the freehold interest in the car parks would be included within any sale, it is proposed that the council would retain operational control and ongoing income through a long-term leasehold arrangement.
Other assets, including Wolsey Place shopping centre, Wolsey Walk residential units and Export House, would be marketed separately at a later stage.
Speaking on publication of the reports, Cllr Dale Roberts, Deputy Leader and Portfolio Holder for Finance, said:
These reports represent important decisions in the next phase of the council's recovery programme.
The Executive will carefully consider the recommendations that seek to balance a number of objectives, including reducing debt and commercial risk, protecting services and affordable housing, and securing the best possible outcome for resident and taxpayers.
The reports follow earlier decisions taken by the Executive in March and form part of the ongoing programme to simplify the council's commercial portfolio ahead of Local Government Reorganisation and the creation of West Surrey Council.
The Executive will consider the reports and associated recommendations at its meeting on Thursday 11 June 2026.