A Northern Ireland property company is the major commercial partner of an English local council which has effectively declared bankruptcy.
Woking Borough Council says it is facing “a serious financial shortfall” and has stopped spending on all non-essential services.
The council borrowed 2bn to invest in regeneration projects and now faces overwhelming interest payments.
The Dungannon-based Moyallen Group partnered on a major commercial scheme.
The Victoria Square development is a mix of residential, retail and hotel space focused on three high rise towers.
There is no suggestion of any wrongdoing or shortcomings by the Moyallen Group.
It was developed by Victoria Square (Woking) Ltd, a…
Read the full article at: https://www.bbc.co.uk/news/uk-northern-ireland-65848758
A Northern Ireland property company is the major commercial partner of an English local council which has effectively declared bankruptcy.
Woking Borough Council says it is facing “a serious financial shortfall” and has stopped spending on all non-essential services.
The council borrowed 2bn to invest in regeneration projects and now faces overwhelming interest payments.
The Dungannon-based Moyallen Group partnered on a major commercial scheme.
The Victoria Square development is a mix of residential, retail and hotel space focused on three high rise towers.
There is no suggestion of any wrongdoing or shortcomings by the Moyallen Group.
It was developed by Victoria Square (Woking) Ltd, a…
Read the full article at: https://www.bbc.com/news/uk-northern-ireland-65848758