Blockbuster: Urgent action needed on business rates

As it announced the closure of a further 62 stores and 427 job losses today, Blockbuster's administrators called on the Chancellor to take urgent action on business rates in his Autumn Statement later.

Blockbuster plunged into administration twice in 2013. Credit: Blockbuster website

The ailing DVD rental chain - one of Britain's largest entertainment franchises in the '90s - has been plunged into administration twice this year and has failed to find a buyer.

Admistrators Moorfields Corporate Recovery said: "With the Chancellor’sAutumn Statement due later today Moorfields are urging the Chancellor to take urgentaction on business rates as retailers continue to struggle.

"Whilst the difficulties faced by ... Blockbuster are not solely due to the burden of business rates the group was paying a sizeable £3.8m on a turnover of £40m.

"Even if, as speculated, the rates increase were capped at 2% Blockbuster would have faced an increase of £75,000 on an already considerable £3.8m."