But they may have to find it themselves, says Commercial Property Advisors (CPA)
Peter Foley is our resident guru here at CPA, and has been passionately following the shifting world of business rates for many years. With a keen political insight, Peter’s writing reveals how policy change is key to understanding your business rates further, and how this could translate into substantial savings. In his weekly column, Peter also outlines a desired path forward, with changes we’d like to see implemented for a fairer system on the nation's business rates.
Times have never been harder for our pubs and restaurants, according to Commercial Property Advisors (CPA). It's important to understand that increasing turnover doesn't necessarily translate to increased profitability, as there are numerous pressures to contend with, from rising wages to materials and energy costs.
Simon Emeny, CEO of Fuller's, has expressed concerns that without action on business rates, we could see a tenfold increase in closures. Unfortunately, his fears seem to be coming true, with closures in the first half of 2023 nearly matching the total closures from last year. While Fuller's may have the advantage of a wealthier clientele to help offset some of the financial strain, other pubs and restaurants in less affluent areas are eagerly awaiting a reduction in their business rates.
CPA specialises in challenging rates for clients of all sizes, whether they are independent establishments or national chains. Our no win no fee service ensures that our clients have peace of mind and our competitive commission, agreed upon in advance, includes no hidden costs.
By engaging CPA's team of RICS-regulated surveyors, businesses have a greater chance of achieving savings through successful appeals, rather than relying on temporary discounts from a government that sees them as a short-term solution. Don't hesitate to contact CPA for a free consultation, without any obligation. Take advantage of the potential savings from a revised rateable value and any applicable rebates. Together, we can help your business thrive in these challenging times.