Burberry has voluntarily agreed to repay around £6m in business support to the Treasury, following the business rates holiday designed to help businesses navigate through the impact of the pandemic.
According to the Sunday Times, the retailer has also repaid a £300m loan from the Bank of England, in a move that “underlines the growing gulf between the corporate haves and have-nots”.
The luxury fashion retailer, whose stores remain closed amid the third national lockdown, is thought to be the first non-essential retailer to return the relief payment, according to the Altus Group.
It estimates that the group received a business rates holiday worth £5.85m for the 2020/21 financial year for its six standalone stores and three outlets in England and Scotland, including a £2.72m loan for its 3,330 square metre flagship store on New Bond Street.
According to the Altus Group, a total of £2.2bn has now been pledged to be repaid by 14 large retailers.