CVS business rates reduction for Chester Racecourse

CVS lived up to their reputation after successfully appealing our rates

Jonathan Gray, Financial Controller, Chester Racecourse

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Chester Racecourse

 / 
Chester Racecourse

Savings of £93,145

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"CVS lived up to their reputation after successfully appealing our rates, generating huge reductions for Chester Racecourse. Without hesitation, we would highly recommend CVS to other companies looking for rate reviews."

Jonathan Gray, Financial Controller, Chester Racecourse

Chester Race Company Ltd is a dynamic, constantly evolving and growing organisation.The company is responsible for two racecourses and all catering and conference facilities at Bangor on Dee and Chester, along with an on course hotel and restaurant at the Chester site. CVS was instructed to see if reductions on the business rates could be gained over the two sites on both 2005 and 2010 Lists.

Results

CVS first challenged the business rates for both racecourses on the 2005 List. CVS’ specialist leisure Surveyors gathered a strong case of evidence including presenting a more accurate account of the turnover of the licensed premises on the racecourse. The successful negotiations led to a total business rates reduction of £77,500, saving the Client £93,145 over the Rating List period.

CVS Comment:

"This success was the result of a site survey which identified factors that could have an impact on the course’s revenue, as this valuation is derived from the Receipts, and is known as a Profits Test Valuation. This was followed by working closely with the client and a forensic examination of their accounts to ensure that all relevant revenue arose from the property and not other external factors.

In addition, most racecourses obtain the majority of their income from a few special trophy meetings held once or twice a year, and this in turn means there are risks; bad weather, foot and mouth disease etc. Since the valuation has to assume that the income is fair and maintainable, these risks also need to be reflected. The result was that we were able to agree a beneficial adjustment to the figure adopted by the Valuation Officer which in turn reduced the clients Rateable Value."

Philip Emerick, Rating Director, CVS