Mike Ashley’s Frasers Group slams business rates delay and warns of shop closures

Mike Ashley’s Frasers Group has warned it will have to review the future of some of its stores in light of the Government’s decision to delay the revaluation of business rates.

The company said it looked on “with anguish and bewilderment” after it was announced on Tuesday that the next valuation of the property tax will take place in 2023.

In a statement to the stock market, the company said: “Fraser’s Group has long petitioned the Government to change the business rates environment.  At a time where much of the UK high street is fighting for its survival, Frasers Group looks on with anguish and bewilderment at yesterday’s announcement by the Government to delay the next business rates valuation until 2023.

“With the High Street already in meltdown, Covid-19, the lockdown, and its after-effects are now pulverising what remains. Yet the Government stands aside and has buried its head in the sand on the critical business rates issue, raising unfair and uneconomic revenue sums from already distressed businesses.

“Not only has it has kicked the can down the road; it has also kicked businesses when they are clearly down.  We expect that the Government’s inaction will drive further stores and businesses on our high streets into closure, in the process costing many people their jobs and livelihoods.

“With yesterday’s announcement, Frasers Group will again have to carefully review the viability of a number of stores within its portfolio.”