An independent agency has warned that hikes in business rates coupled with the Renters’ Rights Act could force redundancies.

TOR Estates, which has two branches in Somerset, has seen its business rates jump more than 50% this year.

Shot up

And Director Mel Brown told Somerset Live the company’s bill for its offices in Street and Glastonbury has shot up from less than £10,000 to £15,000.

“With all of these extra costs the government is putting in, it’s going to be the death of the High Street,” she said.

“The last couple of years in Street I can think of six shops that have been empty for over two years.”

We’ve lost 25% of our stock to landlords selling up.”

And Brown also points to effects of the Act “We’ve lost 25% of our stock to landlords selling up.

“It’s meant to protect good tenants from rogue landlords, but it’s done nothing to protect good landlords from rogue tenants.”

Vast concern

Nathan Emerson, CEO at Propertymark, told The Neg:: “Following recent changes regarding business rates, which were implemented at the start of April by the UK Government, there is now vast concern from many small business owners regarding increased liabilities, as a direct consequence of the new structure.

“The amended framework has especially impacted smaller high street enterprises, who operate from multiple locations, in terms of the amount of Small Business Rate Relief entitlement they are eligible to claim.

Relief lost

“Currently many small and medium sized businesses which operate on the high street are firmly into a thirty-six-month window regarding any rebate, concerning their main location, and will potentially lose that relief once this timeframe passes.” he says.

“In addition, many high street businesses will also have to consider the impact of future revaluation on their premisses, which again has the potential to further elevate business rates for smaller businesses who are already under commercial pressure from many forms of additional angles too.”

Main picture: Somerset Live