Rates appeals fuel CVS profits
BUSINESS rates appeals firm CVS recorded a big leap in sales and earnings last year.
In the year to the end of December pre-tax profits jumped from £522,000 to £6.4m on sales of £22.4m, up 54% from £14.6m.
The Manchester firm’s success is likely to be linked to the significant burden of rates on many businesses.
Bills are still pegged to pre-recession property values in 2008. A revaluation planned for 2015 would have reduced rates, but the Government has postponed the review until 2017.
CVS said it handled 12,200 appeals for its clients during the year, which represented £30.5m of savings for its clients. Around £23m has been recovered for its clients in the North West over the past four years.
Chief executive Mark Rigby said: “In 2013, we returned critical capital to our clients through more than 12,200 business rates appeals. We are putting our clients first and, in doing so, building a strong, successful and high-performing business that’s outstripping the sector in terms of growth.
“As we grow, we are investing back into the business to create an even more powerful platform for serving our clients. It’s an exciting time for CVS and we’re delighted by the major growth momentum we’ve established in the past 12 months.”
CVS has 275 staff based in Manchester, London and Bristol.
