FRESH questions have been raised over the viability of the Brightwells regeneration scheme after share prices in the UK construction industry were sent tumbling in the wake of Britain’s vote to leave the European Union.

Waverley Borough Council’s development partner Crest Nicholson has seen its share price drop by more than 40 per cent in the days following the EU Referendum and the current political and economic uncertainty could - in the minds of Brightwells’ objectors - soon spread to the £100 million Farnham town centre scheme.

Campaign group East Street Action, the Farnham Society, Farnham Theatre Association and Waverley’s opposition Farnham Residents party have all called on the borough council to take the long-delayed scheme back to the drawing board in the wake of the Brexit vote.

And to make matters worse for Waverley, the threat of legal action against the scheme materialised this week, after Waverley confirmed it has received a judicial review claim from the Farnham Interest Group - an organisation backed by many of the groups listed above.

The exact motives of the judicial review are expected to become clearer next week. But in the meantime East Street Action campaigner Celia Sandars has said Waverley and Crest would be “extremely irresponsible” if they did not re-assess the viability of the Brightwells scheme given the uncertainty surrounding the UK economy.

“News from the City confirms that developers and banks are most at risk following Brexit and you only have to look at the Financial Times to see that this is true,” said Mrs Sandars.

“Crest Nicholson have been suffering falls in their share price since the Brexit outcome was declared. How can Waverley take the risk of continuing with a partner whose financial vulnerability is so obvious and where will Crest find a willing lender to finance the house-building element of the scheme when the economic outlook is so uncertain?”

Crest’s share price dropped to a 52-week low of 324.70 shortly after the UK stock exchange opened on Wednesday - down 44 per cent on the 580.50 recorded at the close of trading last Thursday, June 23.

Mrs Sandars also called on Surrey County Council to re-consider its promise of funding for the commercial element of Brightwells, and her comments were echoed this week by chairman of the Farnham Theatre Association Anne Cooper and chairman of the Farnham Society Alan Gavaghan.

The leader of Waverley’s opposition Farnham Residents group, John Williamson, took a different tack however, telling The Herald that Surrey County Council’s pledge of public funds towards Brightwells’ commercial element may increase its attractiveness to private backers.

Mr Williamson, who pulled out of a meeting of Waverley’s joint planning committee last week because of his involvement in the judicial review, said: “If this were a commercial project then the decision to exit the EU would most likely have caused reconsideration of the project.

“However, Brightwells has become a face-saving political exercise supported by public funds and in my view it is just the type of project that Crest Nicholson would want to pursue in uncertain times.

“It’s a project where the economic balance of the contract has moved significantly in favour of the developer. Couple that with a local authority - Waverley - that has already demonstrated its willingness to undertake the developer’s bidding this would put Crest in a good position should they wish to make further cost-saving measures in the future.”

A spokesman for Waverley said: “The council acknowledges the current political and economic situation following the referendum but Waverley wants to make it clear it is committed to the Brightwells regeneration scheme.

“We are currently in the process of pursuing the compulsory purchase order to acquire The Marlborough Head in order to facilitate the scheme and our partners Crest Nicholson and Surrey County Council have also strongly reaffirmed their support for delivering the project.

“However we can confirm that we have received a judicial review claim, which is currently being reviewed by our solicitors.”

• It comes just days after Waverley’s joint planning committee agreed further variations to the Brightwells scheme - including an increase in size to the extension to Grade II-listed Brightwell House to accommodate restaurant chain Carluccio’s, and the relocation of the Brightwells Gostrey Centre to the Farnham Memorial Hall - despite Waverley officers conceding that the environmental impacts of the development have never been completely assessed.

Objectors - chief among them chairman of the Farnham Residents party Jerry Hyman - have long accused the council and its development partner of not fully investigating the environmental impacts of Brightwells and in particular its impact on The Royal Deer junction in the centre of town.

Mr Hyman claims the remodelled junction will double the waiting times for both motorists and pedestrians, with obvious impacts on Farnham’s already poor air quality, and reiterated his concerns at last week’s meeting.

These concerns were echoed by Farnham Town Council’s representative Kika Mirylees (Farnham Residents) and later picked up by councillors John Fraser (Farnham Residents) and George Hesse (Conservative), who in turn asked Waverley’s head of planning Elizabeth Sims to clarify the council’s stance.

Responding, Mrs Sims said: “In our view we have received the correct information from the applicant as they are required to do under the regulations to enable us to assess the likely impacts.

“We’ve assessed them, we’ve taken expert opinion in the relevant areas and we’ve come to the conclusion that there will be no environmental impact that cannot be mitigated.”