Recent research from the British Retail Consortium found that 6,000 shops have closed for good in Britain in the past five years. Online shopping has syphoned away business from the town and city centres, proposed online sales taxes, aimed to create funding to support the High Street, have not been introduced. In a post COVID-19 economy, reduced business rates and more manageable overheads can really be the difference between a business surviving or failing.

The 2023 revaluation was meant to help the retail sector and a headline decrease of -10% to retail premises on average was boasted as a windfall. However, digging into the numbers, large shops disproportionally benefited from this reduction. Retail properties with a rateable value above £51,000 did indeed see reductions of 17.3%. However, properties with rateable values between £6,001 to £12,000 actually increased by 5.8% and it has been even worse for those between £12,001 and £15,000, which saw increases of 13.7%.

Holloway Bond are experts at assisting companies in the retail sector with their business rates. Whether you have a chain of restaurants or a single shop, we can ensure you are paying the lowest possible rate.

Please see below for examples of people and businesses in your sector that we’ve helped: