The Frasers Group recently warned of possible store closures after it reviews its estate, as the group said the UK government aid for the COVID-19-hit retail sector was not good enough. “The 2 million pound rates cap ... from July 2021 to March 2022, makes it a near worthless support package for large retailers,” Mike Ashely-owned Frasers said in a statement.
The United Kingdom will extend a year-long business rates exemption for retail, hospitality and leisure businesses to the end of June, finance minister Rishi Sunak announced recently while presenting the annual budget.The Frasers Group recently warned of possible store closures after it reviews its estate, as the group said the UK government aid for the COVID-19-hit retail sector was not good enough. "The 2 million pound rates cap ..from July 2021 to March 2022, makes it a near worthless support package for large retailers," Mike Ashely-owned Frasers said in a statement.#
“For the remaining nine months of the (financial) year, business rates will still be discounted by two-thirds, up to a value of £2 million for closed businesses, with a lower cap for those who have been able to stay open,” Sunak told parliament.
The company said the rate cap would make it ‘nearly impossible’ to take on former sites of collapsed department store chain, Debenhams, with the inherent jobs created, a news agency reported.
Online fashion retailer Boohoo had earlier bought the Debenhams brand for 55 million pounds, but not its stores.
Fibre2Fashion News Desk (DS)
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