Extend the taxiways between 24R/06L and 24L/06R and build a cow shed for the lowcosts over on the South Side, fed by the Wilmslow Road and an extension of the Heald Green bypass.
Problem solved and no need to open anything else in Cheshire with the NIMBYs howling at full throttle. Doing any kind of airline related expansion at Woodford would unleash a s**tstorm of planning objections and all kinds of Swampy protests.
There also isn't the road infrastructure in the Woodford area to handle the traffic. Sticking a new (cheap) terminal up that hill from the Moat House could be a good plan, but the Powers That Be don't always think in straightforward terms, do they?