Leading real estate adviser GVA has helped one of the world’s largest ferry operators to save more than £4m in business rates.
Stena Line has been faced with substantial charges for its business rates at its ports at Holyhead, Fishguard and Cairnryan. As with other businesses, those based at ports and harbours must pay business rates that are determined by a “rateable value.” This is based on factors such as the size and location of a business’ property.
Following lengthy negotiations with the Valuation Office Agency and the Assessor’s office in Scotland, James Denham and Eric Rose, directors in the Rating team in Liverpool and Gordon Martin, senior director in Edinburgh, secured rates savings in excess of £4.1m for Stena.
Speaking about the issue, Liverpool director at GVA James Denham said: “Rates are a very significant cost that port-based businesses face and unfortunately can have a detrimental effect on investment. Land taxes in Britain have been high in recent years and it’s essential we tackle these costs.
“For Stena Line, our specialist knowledge enabled us to make a series of rating appeals dating back to 2005, leading to significant savings.”
Business rate revaluations happen every five years with the next coming into force on April 1, 2017.
Speaking on behalf of Stena Line, Les Stracey said: “The rates we pay across our various ports represent a significant cost to our business. Therefore, the considerable savings that we have been able to make, in partnership with GVA, are very welcome, particularly as we enter a year of potential economic uncertainty due to factors such as Brexit, oil prices and the weakening value of the pound.”
As experts in the specialist field of business rates for port and harbour rating assessments, GVA has advised clients within the harbours of Belfast, Liverpool, Holyhead, Harwich, Stranraer , Fleetwood, Heysham and Fishguard for a number of years.