A FASHION accessory chain is set to close its Aberystwyth store amid concerns about sky-high business rates in the town.

Claire’s Accessories, on Great Darkgate Street, will close in June leaving an empty shop on one of Aberystwyth’s busiest shopping streets, just months after nearby Thorntons closed.

Aberystwyth councillor Ceredig Davies said business rates, which are set by the Welsh Government, and the disparity in rates between shops on the High Street and chain stores in out-of-town locations were providing the last nail in the coffin for struggling high streets.

Cllr Davies revealed figures which showed that Claire’s Accessories pays over three times more per square metre than Aberystwyth’s Tesco store, and almost six times as much as the square metre figure for Marks & Spencer.

Claire’s Accessories has a rateable value of £575 per square metre, compared to £170 per square metre for Tesco and £100 per square metre for M&S.

He said: “Our high streets are under threat from high business rates, online shopping and economic uncertainties.

“The Welsh Government is tinkering with the matter by offering town centre improvement grants and token reductions for some.

“It would be far better to change this to a profit-based tax, thus reducing the tax burden during economic down-turns and increasing it during the good times.”

Since December last year, national chains Animal, Thorntons and Poundworld have all closed stores in Aberystwyth.