Millennium Stadium, Cardiff
Advising the Millennium Stadium Plc on reducing their business rate liability and saving them money

Article by

Andrew West
Director
Business Rates

(029) 20 346346

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Sector: Retail and Leisure

Service: Business rates

Client: Millennium Stadium Plc

 

THE PROBLEM

  • Client looking to minimise its ongoing liability to business rates in order to devote as much revenue as possible to the promotion and development of rugby throughout Wales at all levels from grass roots through to the National Team.
  • The Millennium Stadium plc wished us to reflect the revenue and crucially the expenditure generated and incurred at this iconic Welsh building, within the valuation.

THE SOLUTION

  • A full receipts and expenditure valuation was undertaken.
  • Our experience in representing many of the elite sports team stadia in Wales gave us a unique understanding of the funding, finances and operation of professional sports teams and the stadia from which they conduct their business.

THE RESULT

  • 2005 Rating List -
    • Original assessment - £2,000,000 RV
    • Agreed assessment - £1,375,000 RV
    • Consequent financial savings - £1,484,107

  • 2010 Rating List -

    • Original assessment - £2,250,000 RV
    • Agreed assessment - £1,650,000 RV
    • Consequent financial savings - £1,929,000
  • All of the savings of £3.4m will be re-invested in rugby at all levels throughout Wales.

 

“Cooke & Arkwright have been providing rating valuation advice to The Welsh Rugby Union Limited (WRU) and Millennium Stadium plc for many years. They were recently successful in achieving substantial reductions in the assessments of the Millennium Stadium, covering both the 2005 and 2010 rating list. I would have no hesitation in recommending ratepayers making use of this Welsh based expertise.” Steve Phillips, Group Finance Director, Welsh Rugby Union Group

Cooke & Arkwright have been providing rating valuation advice to The Welsh Rugby Union Limited (“WRU”) and Millennium Stadium plc for many years. They were recently successful in achieving substantial reductions in the assessments of the Millennium Stadium, covering both the 2005 and 2010 rating list. These negotiated reductions yielded savings of c.£3.5m which, crucially, allows the WRU to re-invest in rugby throughout Wales. They advise the WRU across the group portfolio including the National Centre of Excellence in the Vale of Glamorgan. The valuation issues across the WRU portfolio are complex requiring a high level of understanding of the funding and finances of professional sport in Wales. Cooke & Arkwright’s experience and understanding of these issues and application to the rating valuation have yielded these substantial negotiated reductions. The WRU and the Millennium Stadium entrust our work to organisations with the required levels in experience and expertise in dealing with these complex issues. I am glad to say we have this expertise in Wales. I would have no hesitation in recommending ratepayers making use of this Welsh based expertise.

Steve Phillips, Group Finance Director, Welsh Rugby Union Group