Challenge

The 2017 Rateable Value issued by the Valuation Office Agency was significantly higher than the 2010 Rateable Value and Altus Group was instructed by Cavern City Tours to reduce this valuation.

Solution

The Cavern Club is quite unique in nature and so the property valuation for business rates is very subjective. Our Manchester based Business Rates Team successfully convinced the Valuation Office to review the percentage of trade figures applied to the calculation of the 2017 Rateable Value particularly in the trade categories of food and drink, merchandise, venue hire and ticket sales. After extensive negotiation, the Valuation Office agreed to reduce these percentages and this resulted in the generation of substantial savings for the club due to a large reduction in the Rateable Value.

Results

£145,000 Savings

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