TOWN Hall bosses remain confident the £142.5 million Time Square scheme will meet its financial targets in the face of a ‘challenging’ restaurant sector.

The Botanist remains the only restaurant the council has snapped up for its flagship town centre regeneration scheme.

However, it expects a ‘number’ of deals to be completed, or close to being completed, by Christmas.

Time Square will feature a Cineworld multiplex cinema, permanent market hall, council offices and a public square after completion.

Both The Botanist and Cineworld could open before Christmas – with the council offices and the new market expected to be opened in the first quarter of 2020.

But the project has been included in the council’s risk register, which went before the audit and corporate governance committee on Thursday.

A description of the risk states: “The programme group continues to monitor risks and identify mitigation measures as required.

“There is a risk that failure to secure restaurant operators prior to opening of the scheme would result in a significant revenue pressure for the council.”

It adds that the ‘successful transition’ of staff to the new council offices is critical to the success of the scheme.

Cllr Steve Parish (LAB – Chapelford and Old Hall) pressed officers on the risks during Thursday’s meeting.

He was told the ‘nature of the risk’ is changing, with the risks now moving to ‘making it operational and successful’.

Council chief executive Steven Broomhead says the authority ‘continues to have commercial conversations’ with restaurant operators.

He added: “The restaurant market is challenging at the moment but we are confident the scheme will meet its commercial targets.”

The council previously said it is unable to say how much the budget for the council offices totals.

It says this is because work taking place at the site is being carried out as one major development by the contractor, rather than each building separately.