Rates relief is helping businesses bring vacant buildings back to life – O’Dowd
Date published:
Finance Minister John O’Dowd has encouraged businesses to capitalise on the support available through the Back in Business scheme.
The Minister was speaking after he visited a local business in Mid Ulster that transformed an old bank building into a thriving wellness centre.
Back in Business provides a 50% business rates discount for up to two years when a business occupies a retail property that has been vacant for at least 12 months.
The Vault Recovery in Draperstown, which took part in the scheme, revitalised a building in the centre of the village that had been vacant for nine years.
The Minister said: “The Back in Business scheme is designed to bring life, energy and investment back into our high streets, while giving new and expanding businesses an essential boost at the start of their journey.
“The Vault recovery is a prime example of such a business and I was pleased to see first-hand how the Back in Business scheme is making a real difference. A building which was vacant for nine years has been brought back to life with a vibrant business that is bringing services to the local community and helping increase footfall for neighbouring businesses.
“I would urge anyone planning to start or grow a business to consider locating to a vacant retail unit and avail of the support on offer through Back in Business.”
12 businesses in the Mid-Ulster area have benefited from a total of more than £47,200 in rates relief since the scheme was reintroduced in May 2024.
Business owners Cathal and Roisin McDaid said: “The Back in Business Scheme benefited us because it gave us that extra cash-flow to invest into the business.
“The old Bank of Ireland building has now been transformed into a premium recovery space which can cater to everyone, whether it is on the pitch, in the workplace or just everyday life. Recovery is for everyone, not just those that play sport or go to the gym.”
Further information on how to apply for the Back in business Scheme can be found at www.nibusinessinfo.co.uk/content/back-business-rate-support
Notes to editors:
Notes to editors:
1. Caption: L to R: Cathal McDaid, Owner, The Vault Recovery; John O'Dowd, Finance Minister; Roisin McDaid, Owner, The Vault Recovery.
2. Media enquiries should be addressed to the Department of Finance Press Office on Telephone: 028 9081 6724 or email: dof.pressoffice@finance-ni.gov.uk.
3. The Executive Information Service operates an out of hours service for media enquiries only between 1800hrs and 0800hrs Monday to Friday and at weekends and public holidays. The duty press officer can be contacted on 028 9037 8110.
4. To keep up to date with news from the Department you can follow us on the following social media channels:
- X - @dptfinance
- Facebook - @dptfinance
- Instagram - @department_of_finance
- LinkedIn - Department of Finance
5. The Executive Information Service operates an out of hours service for media enquiries only between 1800hrs and 0800hrs Monday to Friday and at weekends and public holidays. The duty press officer can be contacted on 028 9037 8110.