A RESTAURATEUR has been told his business rates are to double, just three months after opening.
Tony Cole, leaseholder of the Number Nine restaurant, on North Hill, Colchester, will have to dig deep after the valuation office agency increased the rateable value on the 16th-century property.
Mr Cole, who dreams of turning the establishment into Essex’s first Michelin-starred restaurant, will be paying rates of £37,000 a year – up from £16,000 a year – from next month.
He was notified by letter after valuers visited.
Mr Cole, 63, had invested almost £350,000 refurbishing what was the former fire-ravaged Monty’s restaurant.
He is planning legal action to fight the fees.
He said: “This is an unwelcome added cost.
“There is all this nonsense about councils trying to help new businesses and encourage growth.
“I renovated this listed building at great expense, creating 15 new jobs, and this is the thanks I get.
“We restored this historic eyesore into a thing of beauty. I have instructed my lawyer to appeal.”
Mr Cole, of Lexden Road, Colchester, took over the Grade-II listed building in March last year, on a 25-year lease, before getting to work on refurbishing it.
He aims to win a coveted Michelin star rating for his fine dining restaurant.
He said the beginning of 2012 will already be difficult because he has promised staff a holiday after its New Year’s Eve champagne gala.
The restaurant will reopen at lunchtime on January 11.
A valuation office agency spokesman said: “The valuation office does not comment on individual cases.
“If Mr Cole wants to contact us, we would be happy to discuss the case with him.”
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