Thu, 12 Jan 2012 | ADMINISTRATION
April’s business rates rise will see more retail businesses go into administration, the British Retail Consortium (BRC) has warned.
According to new figures from KPMG, in 2010 there were 165 retail administrations, rising to 183 in 2011. In addition, in the final quarter of last year business administrations in the retail sector were up 25 per cent on the previous 12 months.
The BRC says that when business rates go up by 5.6 per cent in April, these figures will continue to rise. The business group has urged the government to support retailers through lowered taxes and reduced red tape.
The Consortium said that retailers are doing their bit to control costs but need more support from the government if business administrations are to be avoided. It noted that retail is the private sector’s largest employer and provides a significant number of jobs for the under-25s.
BRC Director General, Stephen Robertson, said, "2011 was a tough year with virtually no real terms growth for retailers. In such a competitive sector there will always be businesses that do well while others struggle but seeing such a high number of failures in the final quarter of the year is particularly alarming.”
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