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Debenhams' CVA to cost councils £8.5m in rates

Local authorities are expected to lose millions of pounds worth of business rates due to Debenhams' financial difficulties, experts have said.

Local authorities are expected to lose millions of pounds worth of business rates due to Debenhams' financial difficulties, experts have said.

Debenhams will close a third of its 166 UK stores to allow it to continue to trade.

Ratings experts Colliers International have estimated that this will affect 59 councils, which will lose out on £8.5m of the £17.3m in bills that Debenhams would have paid if all of its stores remained open.

Head of business rates at Colliers, John Webber, said: ‘Local authorities will not have the funds they have budgeted for to run local services, which we already know are tightly stretched.'

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