Two pubs demolished or converted every day since business rates revaluation
Around two pubs have been either demolished or converted since the latest business rates regime came into effect in April 2017, new findings have shown.
Following the government’s first revaluation of all business properties in seven years, Britain’s pub landlords saw rateable values of their premises increase by 14.24 per cent to 1.6bn last year.
The Valuation Office Agency (VOA) calculates the rateable value of pubs by using a “fair measureable trade” principle to predict how much income a business is likely to generate, taking into account three factors:
The type of pub or licensed premises
The area it’s in
The services it offers, for example food, gaming or sports screenings
Praseeda Nair is the editorial director of Business Advice, and its sister publication for growing businesses, Real Business. She's an impassioned advocate for women in leadership, and likes to profile business owners, advisors and experts in the field of entrepreneurship and management.