CASE STUDY
LUXURY candle shop owner Drew Cockton welcomed plans to support small businesses through the difficulties caused by the coronavirus outbreak.
The 33-year-old, whose company makes the high-end candles in the North West, said the business rate holiday was ‘fantastic’.
Mr Cockton, founder of Owen Drew Luxury Candles of Birkenhead, Merseyside, said: ‘We’ve just had a business rates bill through and it’s absolutely ridiculous, the amount.
‘In Birkenhead the town centre is struggling, and we pay for the privilege of being here while we’re trying to improve the area.’
He said it is ‘fantastic news’ that small businesses like his with a rateable value below £51,000 will not pay any rates for a year.
Recently the candlemaker had to let someone go due to challenging conditions, so the Government paying for sick pay for employees off due to coronavirus is also a relief for Mr Cockton.
He said: ‘We’re a small business, we employ only six people and being a business owner is hard, some months I hardly get paid so it would be massive for us if we had someone off and had to pay them because of coronavirus. So that is very welcome help.’
Increases to business rates and the minimum wage have put pressure on his bottom line. His company will save around £1 ,000 next year from the business rate holiday, money which is especially welcome as footfall is down, something he blames on the virus.
He said he will use some of the money saved from the cut to invest in exporting his candles overseas.
He said: ‘ Our products have a “Made in England” tag on them which is popular in America and China so that could be a lucrative side of the business, but we can’t really invest in it at the moment.’
After trading online for a number of years the luxury candlemaker opened his first high street shop a year ago.
He also hopes that moves to raise the National Insurance threshold will have some trickle down benefits to his business.
Mr Cockton said: ‘The retail side of the economy is struggling at the moment so more money in people’s pockets is as good thing, it means its back in shops, restaurants and bars. It helps everyone.’