Time Square financial performance ‘far short’ of expectations, council says

Project designed to help Warrington regeneration

The financial performance of the council’s flagship town centre regeneration scheme Time Square has ‘fallen far short of even the cautious assumptions’ in the business case.

The financial issues facing the cash-strapped council continue to cause concern. According to a scrutiny committee meeting report for its meeting at the end of last month, ‘up to and including’ 2025-26 the council made an overall loss on its commercial programme – excluding treasury management investments – of £134.58 million, with only its loans portfolio making a positive return to the council of £74.88 million over that period.

The council’s commercial portfolio has consisted of the following investments: loans programme, commercial property investments, solar farms, Redwood Bank, Wire Regeneration, Warrington’s Own Buses, Time Square and Together Energy.

The report stated the ‘broader commercial programme’ recorded an overall loss of £134.58 million and ‘capital decline’ of £296.87 million.

It said the Time Square scheme’s objective was to act as a catalyst for town centre regeneration, addressing the lack of a central cinema and family-oriented leisure offer, and to produce a ‘significant financial return’ to the council.

“The financial performance to date has fallen far short of even the cautious assumptions in the business case which has required a circa £5m annual pressure to be funded by the council,” it said.

“The total development cost reached £151.167 million.

“Over its operational period, however, Brexit, Covid-19, the energy price inflation and cost of living crisis significantly affected performance, particularly in the leisure sector.

“Operational delays during 2020 reduced early income streams, and comparing the financial model to actuals from 2020/21 to 2024/25 shows substantial variances.”

Furthermore, it highlighted a need to ‘urgently explore’ the ‘financial arrangements and treatment’ of the Time Square development.

In relation to measures in progress, it highlighted a property review with all leases monitored to ‘maximise best value’ for the council.

It added: “Potential new letting planned to replace recent vacancy in leisure unit. A full review of the operation of Time Square is underway with a full report expected imminently.

“Warrington Market continues to trade well as the anchor for the scheme, review continues to ensure cost neutral in future.”

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