PA Media: Money
Aldi and Sainsbury's to hand back £540m in business rates relief
Simon Neville, PA City Editor
Aldi and Sainsbury's have said they will hand back more than £500 million in business rates relief to the Government after rivals Tesco and Morrisons made the same commitment.
Discount retailer Aldi is the latest grocer to return its savings from the tax break as it announced plans to give back more than £100 million.
Earlier on Thursday, Sainsbury's said it will hand over £440 million saved from the Government's business rates holiday.
Sainsbury's has said it will return around £440 million back to the Government by 2022 (Danny Lawson/PA)
The decision by the four grocers means around £1.4 billion will be paid to the Government and puts more pressure on rivals to follow suit.
Tesco has announced it will hand back £585 million and Morrisons £274 million.
Giles Hurley, chief executive officer at Aldi UK, said: "Thanks to our amazing colleagues, we have been able to remain open during lockdowns and despite the increased costs we have incurred during the pandemic, we believe returning the full value of our business rates relief is the right decision to help support the nation.
"Our continued investment for our colleagues and our customers will remain unchanged."
Sainsbury's said sales and profits have been stronger than expected since the start of the second national lockdown in England and the payment will come despite spending £290 million on making the business Covid-safe.
He added: "We continue to urge Government to review the business rates system to create more of a level playing field between physical and online retailers."
The Co-op has said it will take its time before making a decision on handing back rates relief cash (Co-op/PA)
It added: "Given the huge uncertainty we're facing … and the ongoing costs we are incurring, we'll consider our approach in terms of the Government support we've received at year end."
A spokesman for Waitrose owner the John Lewis Partnership said: "We are incredibly grateful for this vital support because we have lost significant sales while our John Lewis shops have been closed and have invested heavily to keep our partners and customers safe.
Data compiled last month for the PA news agency by real estate adviser Altus Group projected the UK's four largest grocers – Tesco, Sainsbury's, Asda and Morrisons, plus German rivals Aldi and Lidl – would save about £1.87 billion as a result of the rates holiday.
The total saving for all "essential" retailers, which have been allowed to remain open, is about £3.03 billion, Altus added, from a total rates bill of £10.1 billion.
Early in the pandemic, Tesco and rival supermarkets faced criticism for taking the rates relief at the same time as handing out dividends to shareholders.
Tesco did not use the Government's furlough scheme.
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Company announcement 2/2021 (17.01.2021) Based on our preliminary and unaudited reporting, European Energy sees solid growth and raises its expectations for EBITDA in 2020. At the same time, European Energy foresees strong growth for 2021, as the company plans to initiate construction of solar and wind energy capacity for more than one GW and connect around 750 MW to the grid. European Energy is adjusting its expectations for 2020. Despite the Corona-crisis, European Energy has seen solid growth across various business portfolios. Consequently, European Energy now expects an EBITDA of around EUR 60 million in 2020, an increase from the previous guidance interval of between EUR 52-58 million. Profit before tax in 2020 is now expected to reach EUR 37 million which is in line with the expected EUR 35-39 million guidance. Despite the global pandemic's impact on most business sectors around the world, the growth potential of renewable energy has been strengthened throughout 2020, and European Energy expects to initiate construction of solar and wind energy capacity around the world of more than one GW in 2021 and connect 750 MW to the grid in 2021. For 2021, European Energy expects to reach an EBITDA level of EUR 80 million and a profit before tax of around EUR 50 million. European Energy will publish its annual report for 2020 on 28 February 2021. Further information: Jonny Thorsted Jonasson, CFO: jtj@europeanenergy.dk or phone: +45 5180 0000 European Energy aims to be a significant force in the global transition to a fossil-free society. European Energy utilizes wind and solar resources in combination with the latest technology to create value for partners and society as a whole. With industry expertise, local knowledge and innovative approach European Energy delivers world-class green energy projects. The company was founded in 2004 and is active in 18 markets with offices in 10 countries. This announcement has been made in accordance with the EU Market AbuseRegulation (Regulation (EU) no. 596/2014, as amended).
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