Frasers Group is preparing to review its entire portfolio for “unviable” stores as it hits out at the government’s “near worthless” cap on business rates.
The company also said the degree of rates relief would make it “nearly impossible” for it to take on the former Debenhams stores it plans to, “with the inherent jobs created”.
Frasers voiced “disappointment” at the rates relief announced in chancellor Rishi Sunak’s Budget this week. The £2m rates cap on businesses from July 2021 to March 2022 is “a near worthless support package for large retailers”, the company said.
“Whilst the retail industry as a whole has repeatedly asked for structural reform of business rates, none has been forthcoming,” the company added. “Frasers Group and many retailers would have expected suitable relief until structural reform is implemented.”
It continued: “Frasers Group believes that retailers should pay the fair amount of rates in line with realistic rateable values, but instead we continue to have an unwieldy, overly complex and out-of-date business rates regime.”
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