Construction rebuilding Times Square shopping centre has ground to a halt after the company in charge of the work announced it has gone into administration.

Work stripping out the small commercial units within the High Street centre began in January with new owners Lumina Real Estate Capital hoping to have work completed this summer.

This may have to be revised after Longcross Construction Limited, who was carrying out the work, announced it had appointed Deloitte LLP as administrators on June 16. 

A notice on its website stated the directors of Longcross Group Limited also filed a Notice of Intention to Appoint Administrators to Longcross Group Limited, but added that no other companies within the Longcross group have been affected.

Lumina Retail Estate Capital bought the shopping centre alongside neighbouring Times House for £13m in April last year from Buckingham Securities, which had made a substantial loss, having purchased the properties before the financial crisis for £40m.

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Construction began in January

A spokesman for Lumina Real Estate Capital and its development manager Wrenbridge said: "We are aware that Longcross have been placed into administration and are pro-actively managing the situation.
 
"We are looking at the options to finish the project including appointing a fresh contractor and are seeking to complete the works in due course."

Ross Feeney, chief executive of Successful Sutton, which works to promote the town and encourage greater footfall and investment said the news was a blow, but doesn't reflect the overall positive picture surrounding the town.

He said: "In the short term of course it is very disappointing. The schedule to get it open this year looks like it will be set back. There is no news as to how this will be moved forward but I'm sure the owners will be keen to move things on.
 
"However it should be remembered the bigger picture is there is almost £400m in investments coming to the town centre over the next few years. When Times Square is finished it will be a lovely building and is something I'm sure people are looking forward to."

He added that Successful Sutton is looking to "enhance and dress up" the hoardings surrounding the building work while construction is suspended, and work with the council to get the paving area surrounding the site cleaned.