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

Northern Irish developer Moyallen owns 52% of Victoria Square development at centre of local authority’s financial meltdown

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.