Concern about the future of Woking shopping as centre owner falls into administration

April 16, 2022 6:39 PM

Peacock'sMoyallen Woking Ltd, the company that runs Woking's Peacocks shopping centre has gone into administration.

Moyallen Holdings, another company in the group, owns 52% of Victoria Square and has managed the development of the shops, hotel and apartments on behalf of Woking Council.

Moyallen Woking Ltd going into administration is a concern for the future of shopping in Woking and there are questions as to how this might affect other Moyallen companies, which are in partnership with Woking Council.

Moyallen being in administration could affect Woking in three key ways, points out Liberal Democrat Leader on Woking Council Ann-Marie Barker:

  • Moyallen own Peacocks shopping centre. The administrator now has control over which businesses stay and which leave, and the rent they pay. Popular shop Poundland are suggesting they might leave Peacocks in the next few weeks. Woking is now dependent on the administrator agreeing to any new terms.
  • Moyallen is a joint partner with Woking Council in the Victoria Square development. Moyallen owns 52%. Whilst this relationship is with a different Moyallen company there may well be an impact. The Council owns Wolsey Walk shopping centre and has worked with Moyallen to bring the whole of Woking's shopping together as Victoria Place. It is very much an intertwined relationship.
  • Woking Council has lent money to a subsidiary of Moyallen Woking Ltd to make improvements, including new escalators and lifts in the Peacocks centre. The £6 million pound loaned is now at serious risk of not being repaid.

Cllr Ann-Marie Barker has put questions to the Council to understand what impact Moyallen going into administration will have locally. Senior council officers are understood to be meeting with the administrators, Grant Thornton, after Easter. It will be important for the Council to be supported by the appropriate finance professionals in this situation said Cllr Barker.

Notes

Notice of administration in The Gazette https://www.thegazette.co.uk/notice/4049586