Frasers Group PLC Budget Announcement - Business Rates
March 05 2021 - 1:00AM
RNS Non-Regulatory
TIDMFRAS
Frasers Group PLC
05 March 2021
Date: 5 March 2021
Frasers Group Plc
("Frasers Group" or the "Company")
Budget Announcement - Business Rates
Further to the budget announcement by the Chancellor Rishi Sunak
on 3 March 2021, the Frasers Group wishes to note its
disappointment at the business rates relief announced. Whilst the
Retail Industry as a whole has repeatedly asked for structural
reform of business rates, none has been forthcoming. Frasers Group
and many retailers would have expected suitable relief until
structural reform is implemented.
The GBP2m rates cap on 'businesses' from July 2021 to March
2022, makes it a near worthless support package for large
retailers.
For Frasers Group this cap will make it nearly impossible to
take on ex-Debenhams sites with the inherent jobs created. It will
also mean we need to review our entire portfolio to ascertain
stores that are unviable due to unrealistic business rates.
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continue to have an unwieldy, overly complex, and out of date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.
Ends.
Frasers Group Plc T. 0344 245 9200
Tom Piper, Company Secretary E. investor.relations@frasers.group
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