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FRAS - Frasers News Story

577p -3.5  -0.6%

Last Trade - 14/05/21

Sector
Consumer Cyclicals
Size
Large Cap
Market Cap £2.99bn
Enterprise Value £3.98bn
Revenue £3.81bn
Position in Universe 248th / 1826

RCS - Frasers Group PLC - Budget Announcement - Business Rates

Fri 5th March, 2021 7:00am
RNS Number : 2572R
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 £2m 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of rates in line with realistic rateable values, but instead we continue to have an unwieldy, overly complex, and out of date business rates regime.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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