Woking Borough Council has published three reports ahead of its Executive meeting on 11 June 2026, setting out proposed next steps for council-owned companies and assets as part of its Company Divestment Strategy and wider Improvement and Recovery Plan.
The first report concerns Thameswey Housing Ltd and seeks approval to begin the sale process. It recommends finding an investor that will protect affordable homes while still delivering value and moving quickly. The council says this approach would balance market value, timeliness and the safeguarding of housing.
The second report covers Thameswey Energy Ltd. It proposes that the council take direct ownership of the company to strengthen oversight of the heat network serving Woking town centre. The aim is to improve confidence in the continuity and reliability of energy supply for residents, businesses and key local assets.
The third report relates to Victoria Square Woking Ltd. Updated advice suggests that major assets — including The Marches, the hotel complex, Henry Plaza and the Victoria Place Red and Green car parks — should be marketed together as a single freehold package. The council believes this could improve market appeal, reduce complexity and risk, and make the sale process more manageable. Other assets, such as Wolsey Place, Wolsey Walk units and Export House, would be sold separately later.
“These reports represent important decisions in the next phase of the council’s recovery programme.”
Deputy Leader and Portfolio Holder for Finance Cllr Dale Roberts said the proposals are intended to reduce debt and commercial risk, protect services and affordable housing, and secure the best outcome for residents and taxpayers.
The reports follow earlier March decisions and are part of preparations for Local Government Reorganisation and the creation of West Surrey Council.
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