RETAIL GURU REPEATS CALL TO ADDRESS BUSINESS RATES

Bill Grimsey has repeated his calls for the Chancellor to reinstate a revaluation of business rates after new research has highlighted a sharp fall in commercial property values.

The Government has postponed a revaluation of business rates from 2015 to 2017 which means retailers and other businesses continue to pay rates based on pre-recession property values.

Research carried out by Colliers International for Mr Grimsey`s team, which has published a report into the future of the High Street, suggests commercial property values in prime rental areas in Greater Manchester have fallen on average by 31% since the last revaluation in 2008.

The highest fall in prime zone A rents was in Stockport, where commercial property values fell by 47%. This was followed by Rochdale, which has seen prime rental values fall by 40% and Oldham by 36%. Manchester had the lowest prime rental fall at 17%.

Mr Grimsey, The former chief executive of Wickes and Iceland, said it was further proof that business rates were no longer fit for purpose.