By MICHAEL LANE
Central London food cooperative The People’s Supermarket has said it is on the brink of closing this week, as it is unable to pay overdue business rates.
In a statement on its website, the not-for-profit business, based in the Bloomsbury area of the Capital, said it will have to cease trading if it cannot renegotiate repayment terms with Camden Council.
“Although our takings have been increasing we are still having problems paying our business rates," it said. "For that reason, we ask that Camden Council continue to support us by allowing for the renegotiation of rate payments.
“In the absence of such support, The People’s Supermarket will become insolvent by March 1st. This will force us to close the shop.”
According to The Financial Times, the council has recently sent a final demand for £20,000. Meanwhile, a petition has been set up to encourage the council to change its demands and save the retailer.