I've been listening to Colin Blunstone's solo albums recently. Yester-day it was Ennismore. I thought I'd heard the B-A-C-H motif in "Time's Running Out," but it's slightly different, even if transposed (F# G C A#). But after figuring out that phrase, I figured out the chords too. One took a long time to suss out because it's such a weird chord for the key it's in. The verses use a pretty standard chord progression (I vi IV V), but that second chord is major instead of minor (so: I VI IV V).
I'm not sure if the guitar part uses the same picking pattern through the song, but that's how I played it. After recording the acoustic part, I figured out the electric part at the end too.