The boss of Shoe Zone has warned of more shop closures after lambasting the prime minister’s efforts to cut business rates for small businesses.
Chief executive Anthony Smith said the proposals did not go far enough, describing them as “shameful” and “complete rubbish”.
Despite having 300 fewer stores than it had a decade ago, Shoe Zone has seen its rates bill rise by £700,000 to £11.1m, equating to more than half what the retailer pays in rent.
The business has recently cut rents on 60 of its stores by a quarter, and Smith is planning to use the average lease length of 2.1 years as way to bring more landlords to the negotiating table.
He said that the government’s plans to discount properties with a rateable value of £51,000 was meaningless as EU state aid rules limit handouts to just £200,000.
