UK beauty market thriving
The UK beauty industry is experiencing a period of growth, with 20% more firms in the market and 24% higher combined turnover than four years ago, according to Barclays Business. Barclays data indicated that 62% of beauty firms are sole traders and 6% of business owners are under 25. The data also reveals that London, the East of England and the South East have the highest percentage of beauty firms. Sue Hayes, Head of SME Banking at Barclays, said: “We’ve seen a significant rise in the number of beauty business owners coming to us for support, particularly over the last four years. It’s an industry where small and medium businesses are increasingly finding opportunities from market demand,”
Retailers call for review of business rates system
Over £2 billion that has been set aside to cover appeals against business rates remains unspent, according to campaigners and retailers who have called for an urgent review of the business rates system. The Valuation Office Agency (VOA), which is responsible for valuing business premises in England, has reserved 3.6% of the total rates bill to cover any successful appeals against business rates. However, only 1.4% of the reserve pot has been awarded to claimants since 2010, leaving over £2 billion unaccounted for, even though Government rules mean that the VOA cannot have a surplus. Although the Chancellor has capped annual business rate rises at 2%, rateable values and the business rates system as a whole will not be reviewed until 2017.