With lead characters lost, hob must cast spells (5)

I believe the answer is:

bouts

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'spells' is the definition.
The definition and answer can be both related to time as well as being plural nouns.
Maybe they are linked in a way I don't understand?

I cannot understand how the rest of the clue works.

Can you help me to learn more?

(Other definitions for bouts that I've seen before include "Boxing contests" , "Dutch painter" .)

I've seen this clue in The Independent.

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