INSURANCE options to reduce any financial losses due to delays on the council's flagship £130 million town centre regeneration scheme are being explored.

The Time Square project is planned to officially open in early 2020.

It will feature a Cineworld multiplex cinema, permanent market hall, council offices and a public square.

But concerns have been raised over no restaurants being signed up yet.

However, as reported earlier this month, two restaurants could be signed up by the end of the year.

The scheme was discussed by the audit and corporate governance committee on Tuesday after members were presented with the authority's risk management and insurance report for 2017-18.

It included Time Square risk assessments and contingency plans.

Contingency plans include keeping council staff, as well as Warrington Market, in existing locations if the project is delayed.

The report – which confirmed the scheme remains 'on target' – says the programme team are exploring insurance options to mitigate any financial impact of 'slippage' on the project.

It adds that it is not currently known whether any insurance will be established as this is 'subject to pricing'.

Committee member Cllr Colin Froggatt (LAB – Poulton South) said he hopes Time Square isn't a repeat of Barons Quay in Northwich where premises have been 'completely empty'.

He added: "The risk relates to having the buildings up on time and there is another risk, which isn't mentioned, and that is the potential occupancy of the buildings.

"I would like that that to be included if that is agreeable with the committee.

"The development is moving on apace.

"We need to have a look at the underlying risk, specifically the potential occupancy."

The council's internal audit, risk and insurance team confirmed the risk register has been 'refreshed'.

They added that updates – including underlying risks – should be in place to come before the committee at a 'future meeting'.