SWINDON Borough Council has served notice on the firm tasked with securing the multi-million pound development of the North Star site. 

In 2013, Moirai Capital Investments secured a long term lease for the Oasis Leisure Centre and surrounding land.

They promised to deliver the re-development of the Oasis alongside an ambitious leisure complex featuring an indoor ski slope, a indoor arena, a hotel and significant retail space as part of a wide ranging development agreement. 

However the relationship has been plagued by delays with Moirai falling into financial and legal trouble along the way.

In 2014, they were given a final chance by the council after their shell company went into liquidation owing £850,000 to creditors, including some Swindon businesses.

Last month the council faced renewed calls to terminate the lease agreement after the firm again failed to meet the deadlines set for securing planning permission for the development.

It was also revealed that next week, both Moirai Capital Investments and their Swindon-specific subsidiary will face High Court winding up petitions in two separate legal cases on consecutive days. 

Moirai hit back at claims that they were no longer a reliable partner, arguing that projects of this scale were complex and that outside factors, including Brexit, had impacted on their ability to secure the level of investment required. 

But now it appears the council has had enough. 

Earlier today, it served Moirai with notice that it intends to terminate the development agreement along with three of the leases covering the North Star site.

The council has the right to end the development agreement and the leases if key targets are not met.

Moirai now has until January 12 to fulfil the terms of the notice otherwise the development and the leases will automatically terminate.

The council has said it wants to speed up progress on the site and will explore the best options to enable the scheme to proceed.

Should Moirai fail to obtain planning permission within the termination notice period, options for taking the regeneration project forward will be developed over the next few months.

The lease covering the Oasis Leisure Centre will not be affected by the termination of the development agreement as Moirai has fulfilled its contractual obligations for that particular lease.

Under the development agreement, Moirai was contracted to refurbish the centre. Moirai recently confirmed that work already carried out on the site cost them in the region of £3m.

Garry Perkins, the Cabinet Member for the Economy, Regeneration and Skills, said: “The North Star leisure scheme is one of the council’s pledges so is vitally important to us as it will provide a huge boost to the town in terms of attracting visitors, inward investment and jobs.

“This is why we have taken the decision to serve a notice of termination of the development agreement on Moirai as we need to press ahead with these plans and put Swindon on the map.

"Moirai have done a great job with the Oasis by investing millions of pounds and turning the facility into one that was costing the Council money to run, into a leisure centre that now returns a significant annual return.

“The council has given Moirai enough opportunity to take forward its plans but, ultimately, we cannot hang on indefinitely and we have had to take this decisive action.

“We have a number of options we can pursue to ensure this ambitious vision is achieved and we’re confident we can still create a landmark scheme that Swindon can be proud of.”

The Swindon Labour Group led calls for the council to part ways with Moirai in 2014 and again last month. 

Following the announcement that notice had been served, their leisure spokesman, Coun Jim Robbins, said: "We are delighted that the Tory administration have finally woken up to the fact that Moirai are totally incapable of delivering the Snowdome project. 

"We had serious concerns about the project early on in 2014, and first called on Moirai to be stripped of the deal later that year after they cynically fleeced local companies out of thousands of pounds. 

"It is laughable that Coun Perkins has the cheek to describe this decision as 'decisive' as they have put off making a decision for as long as possible in the forlorn hope that Moirai could magically deliver. 

"Maybe Coun Perkins could tell us when Moirai last paid the rent on the building?"

Labour has also expressed concern at the news that Moirai will be continuing with the lease on the Oasis Leisure Centre. 

Coun Robbins added: "Why on earth are we allowing a failed company like Moirai to hold on to one of our key leisure assets in the town? 

"It beggars belief that we would let them keep the lease for the Oasis."

Moirai Capital Investments were approached for a comment in relation to the notice of termination. 

They are not currently in a position to provide a public response but will endeavour to do so as soon as possible.