Cooplands Quality Bakers has successfully worked to renegotiate its business rates, which could see the firm save in excess of £153,000.
The bakery enlisted the help of CVS – a large business rates specialist – which challenged the rates assessment levied across the company’s Hull-based site.
A rent review and full inspection of its site in Hull were carried out, with CVS noting that the mixed age nature of the site and the poor internal layout had not been adequately reflected in the Valuation Officer’s assessment.
Paul Stockill, director, Cooplands Quality Bakers, said: “We were extremely pleased with the substantial reduction CVS achieved for us on our business rates. The extra money can be put back into the business.”
According to CVS, business rates are often one of the top three costs for businesses, and it argued that many other retail businesses could benefit if they investigated their business rate liabilities.
It explained that while the government continued “to avoid solutions to improve the business rates system”, such as a move to using the Consumer Price Index as a base for inflation of rates, instead of the Retail Price Index, and grounds to allow for appeal based on economic circumstance, businesses will remain in a fight for survival.
“Currently, an appeal is the only way to potentially reduce rates liability,” it said.