Buy
Sell
Share Name Share Symbol Market Type Share ISIN Share Description
Sports Direct International Plc LSE:SPD London Ordinary Share GB00B1QH8P22 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 470.00 469.20 469.80 0.00 01:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Retailers 3,359.5 77.5 4.6 102.2 2,505

Frasers Group PLC Budget Announcement - Business Rates

05/03/2021 7:00am

RNS Non-Regulatory


TIDMFRAS

Frasers Group PLC

05 March 2021

Date: 5 March 2021

Frasers Group Plc

("Frasers Group" or the "Company")

Budget Announcement - Business Rates

Further to the budget announcement by the Chancellor Rishi Sunak on 3 March 2021, the Frasers Group wishes to note its disappointment at the business rates relief announced. Whilst the Retail Industry as a whole has repeatedly asked for structural reform of business rates, none has been forthcoming. Frasers Group and many retailers would have expected suitable relief until structural reform is implemented.

The GBP2m rates cap on 'businesses' from July 2021 to March 2022, makes it a near worthless support package for large retailers.

For Frasers Group this cap will make it nearly impossible to take on ex-Debenhams sites with the inherent jobs created. It will also mean we need to review our entire portfolio to ascertain stores that are unviable due to unrealistic business rates.

Frasers Group believes that retailers should pay the fair amount of rates in line with realistic rateable values, but instead we continue to have an unwieldy, overly complex, and out of date business rates regime.

Ends.

   Frasers Group Plc                           T. 0344 245 9200 
   Tom Piper, Company Secretary    E. investor.relations@frasers.group 

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

Reach is a non-regulatory news service. By using this service an issuer is confirming that the information contained within this announcement is of a non-regulatory nature. Reach announcements are identified with an orange label and the word "Reach" in the source column of the News Explorer pages of London Stock Exchange's website so that they are distinguished from the RNS UK regulatory service. Other vendors subscribing for Reach press releases may use a different method to distinguish Reach announcements from UK regulatory news.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

NRASSDEFLEFSESD

(END) Dow Jones Newswires

March 05, 2021 02:00 ET (07:00 GMT)

1 Year Sports Direct Chart

1 Year Sports Direct Chart

1 Month Sports Direct Chart

1 Month Sports Direct Chart
ADVFN Advertorial
Your Recent History
LSE
SPD
Sports Dir..
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20210417 18:56:01