Recent news articles in the London Evening Standard newspaper on this very subject caught our attention this week.
A retailing entrepreneur who tried to buy BHS last year, warned that a jump in business rates bills has made him rethink plans to expand his Select Fashion retail chain in London.
Cafer Mahiroglu told the Evening Standard that there were plans to open 20 more UK shops this year. However, he added:
“The new business rates and high rents in London stand as a really serious problem. This has made us re-evaluate our plans for expansion there.”
Another retailer ‘JoJo Maman Bebe’ warned of “nightmare” business rates rises for the the upmarket baby clothing chain.
The chain’s founder, Laura Tenison, told the Evening Standard:
“Rates in our London stores are increasing dramatically — in one case a growth of 85% over the next few years … Business rates are a nightmare for all independent retailers … We are hoping the Government will realise how archaic the system is and put the effort required into acknowledging that it needs a total overhaul.”
If you have retail property and have concerns over your business rates, please get in touch with us to ensure you are not paying too much.