Time Out has backed out of plans to develop a food market at London & Continental Railways’ London Waterloo Station scheme, in light of the Covid-19 pandemic’s impact on the business.
The media and entertainment business had initially signed for 32,500 sq ft across two floors of LCR’s £200m retail and leisure redevelopment .
However, it said today (23 March) it has informed LCR that it no longer intends to proceed with the development.
Mark Cruddas, head of retail at LCR, said: “We are disappointed to lose Time Out Market from Waterloo London but understand its need to withdraw.
“We are in negotiations with replacement operators to take its place as we press ahead with the development and sign up more exciting retail and leisure operators.”
Time Out said the decision has not changed its need for additional funding after repeated closures in lockdowns.
The company said it is reviewing an equity raise to help “ensure the group has financial and operational flexibility”.
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