Nick Collins, chief executive of hospitality group Loungers PLC (AIM:LGRS), has called on the newly elected Labour government to extend business rates relief.
Under current rules for the 2024/25 tax year, shops, restaurants, bars, pubs, hotels and other hospitality and leisure businesses can get up to 75% off their bills, capped at £110,000.
These reliefs are due to expire at the end of the tax year.
In comments to The Evening Standard, Collins said the hospitality sector “generally pays an unfair proportion of the business rates bill”.
According to Collins, the sector pays 10% of all national business rates “when our revenue represents only 3%”.
Loungers delivered a stellar set of financial results today, with record revenue and profit, marking what Collins called “another year of outstanding strategic, operational and financial progress for Loungers”.