A large UK home furnishings chain has announced that they will NOT be increasing VAT on their products come the new year.
Paul Simon, one of England's leading home furnishing stores, has vowed to keep VAT on their products at the current rate of 17.5% until further notice. This news comes as the rest of the UK prepares for the 2.5% VAT increase on January 4th 2011.
Paul Ludwin, Managing Director of the chain, said: “We are very excited about retaining the VAT rate at 17.5%. With economic times as tough as they are, we want to continue to offer our customers competitive prices and excellent value for money.”
“The VAT increase will hit customers at what is an already difficult time; post-Christmas. Money is notoriously tight for consumers in the new year and we hope that our commitment to keep VAT at 17.5% rather than raising it to 20% will ease their pockets somewhat.”
To date, Paul Simon operates 50 stores in England and is set to open their 51st this week in Hayes, Uxbridge.
Despite being amidst what is being called “the worst recession since the 1930s” Paul Simon has continued to thrive; in the past year, the company has seen both web traffic and overall sales treble.
Mr Ludwin said of the chain's continuing success: “As a company, the fact that we are able to expand and continue to open new stores in the middle of this economic catastrophe is a great sign. Rather than being cautious and cutting down on our range we are fighting the recession with fire and adding new products and lines constantly. It has always been our priority to offer our customers choice and variety and that is what we will continue to do.”
Since their launch in 1990, Paul Simon stores have specialised in offering an extensive range of curtains at low cost prices. Having won awards in this sector, they have become known as one of England's number one curtain retailers. Over time the chain has expanded its product range to include blinds, tracks, poles, beds, rugs, furniture and linen.
Paul Simon Home Furnishing Stores
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