Closures lead to tax cuts

HIGH Street businesses will receive a boost thanks to a reduction in business rates.

Rates for shops in the town centre road are to be reduced by 10 per cent. The reduction will be backdated to April 1, resulting in a total saving of around £50,000.

The decision was made to reflect a ‘material change of circumstance’ in the area after the closure of 10 shops in High Street

Rugby First, MP Mark Pawsey and the Association of Town and City Management (ATCM) met with the Valuation Officer to discuss rates across Rugby town centre.

Aftab Gaffar, managing director of Rugby First, said: “We will continue to lobby Government on business rates but welcome the decision by the Valuation Officer in relation to High Street.

“The rate reduction, combined with other initiatives, has improved the visual appearance and appeal of the area and will help attract new businesses – we just need to be patient.”

He added he was in talks with several businesses interested in moving to empty High Street premises.

Andy Salter of Salters said: “I am absolutely delighted with the rate reduction. This is a significant saving which will make a real difference to my bottom-line.”

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