CVS Surveyors  Speciality Minerals Case Study

we are now happy to pay our rates tax knowing that it is fair and accurate.

Stephen Notherover, Financial Controller, Speciality Minerals Inc.

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Speciality Minerals

 / 
Speciality Minerals Inc.

Savings of £134,315

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"It is incredibly refreshing to work with a company like CVS. They are professional and dedicated to securing a good reduction, and what’s more, they work on a results led fee basis, which was peace of mind for us from the start. We are really pleased with the outcome of the appeal, and we are now happy to pay our rates tax knowing that it is fair and accurate. I would suggest other businesses follow suit."

Stephen Notherover, Financial Controller, Speciality Minerals Inc.

Specialty Minerals Inc. is part of Minerals Technologies Inc., a New York Stock Exchange traded company. Specialty Minerals Inc. is the world’s largest manufacturer of precipitated calcium carbonates (PCCs), with an output of over 3.5 million tons each year. They have been active in the mining and manufacture of minerals for over 150 years. They instructed CVS to ensure that the rates they paid on their large chemical site in Birmingham were fair and accurate.

Results

CVS has worked for many large industrial Clients like Specialty Minerals Inc., and it is imperative to understand the variances that they each present in a business rates appeal. CVS Rating Director, Harry Pitt, has a vast amount of experience in securing great reductions for unique industrials and this case was no different. Harry was able to prove that the property was over-assessed by £40,500, which will in turn generate the Client savings of over £134,000.

CVS Comment:

"The premises comprise an extensive chemical works which produce a range of precipitated calcium carbonates for use in a variety of applications and markets. The site itself includes a range of industrial and office buildings built from circa 1930 to post 2000, an extensive quantity of Plant & Machinery items including steelworks, silos, walkways, concrete works, staircases, tanks, compressors, air receivers, transformers, dryers and a large kiln. I proposed a reduction in Rateable Value from £252,500 to £212,000 based on the removal of several buildings from the assessment due to the fact that they have been mothballed and are no longer capable of beneficial occupation. The financial cost of demolition (£500,000) prevented their removal from the site. The Valuation Office Agency also agreed to revise the Plant & Machinery order and to remove the kiln from the valuation. A transitional certificate was also served, producing additional savings for the Client."

Harry Pitt MRICS, Rating Director, CVS