The redevelopment of Times Square shopping centre has once again come to a grinding halt after the company in charge of work went into administration.

Construction, which owners Lumina Real Estate Capital initially hoped the project would be finished last summer, has been put on hold for the second time after the project began in January 2015.

JUNE 2015: Times Square construction firm goes into administration

JAN 2016: Sutton's Times Square redevelopment to be finished in coming months

Macmillan and Wright Limited went into administration on July 4, just over one year after Longcross Construction Limited, which originally started building works, went into administration in June last year.

Lumina said they are producing a revised programme for the completion of work but gave no indication of when it is set to be finished.

A spokesman said: “Following the main contractors going into administration, refurbishment works on Times Square have come to a temporary halt.

“We are in the process of producing a revised programme of works.

“We remain fully committed to this project which will deliver new shops and a much improved shopping environment and we will endeavour to complete the works as soon as possible.”

Lumina Retail Estate Capital bought the shopping centre alongside neighbouring Times House for £13m in April 2014 from Buckingham Securities, which had made a substantial loss, having purchased the properties for £40m.

Ross Feeney, chief executive of Successful Sutton, which works to promote the town centre and encourage investment, said the news was a blow because refurbishment was “tantalisingly close to completion”.

He said: “We are extremely disappointed that work on Times Square has come to a halt again.

“Once it is completed I know it will be a significant visual enhancement to the high street, and I would urge the owners to work as hard as they can to get it back on track.

“I would say we were tantalisingly close to work being finished, given the impression we were three to four weeks away.”

The development involves a complete refit of the 228,000 square foot building to make way for new retail units - attracting big retail names like TK Maxx and Poundworld.