Time Out Group has confirmed that its subsidiary Time Out Markets Central London will not be proceeding with the planned development of Time Out Waterloo, as it seeks further funding to counter with the impact of the pandemic.

In an update on the London Stock Exchange the group said that the decision did not change the company’s need to secure additional funding, as a result of the financial impact of the crisis, as previously referred to in its interim results in September last year.

The company is currently reviewing an equity funding proposal that would ensure it has financial and operational flexibility, it said. It anticipates being ready to provide an update in the group’s interim results announcement at the end of March.

Time Out Waterloo was due to open this year, after a site was secured towards the end of 2018, within Waterloo Station. It was going to anchor a £200m redevelopment of 135,000 sq ft within the station - led by property and regeneration company London & Continental Railways - which was going to bring the former International Eurostar Terminal back into use with a variety of local, independent and national retail and leisure offerings.