Popular cycling shop Cycles UK is closing its store in Basildon Market Square due to high business rates.

Julia Schofield, who owns the business with her husband Richard, said they could no longer afford the soaring rates of £25,000 a year.

She said: “We have been there for 20 years and we’ve tried to make it work. But really the rates and the rent we have to pay is a lot of money. My husband and I have spoken to Basildon Council about it. The parking is also an issue. A lot of people who want their bikes repaired can’t get to our shop.”

Mrs Schofield said they will be relocating staff to their warehouse in Paycocke Road, Basildon and added: “There’s more parking there so hopefully we can have more customers.”

She also believes there is a worrying trend of Basildon shops closing down or relocating. She said: “The town centre has gone down.”

The Schofields started their business 20 years ago in Basildon market and after a successful run there they moved into the current store five years later.

Mrs Schofield added: “Before our lease ended with the landlord we had to pay £65,000 a year. But after our lease ended we tried to lower our rates. The landlord agreed to reduce half the rate because they don’t want to have an empty shop. But we just can’t keep up.”

A spokesman for Basildon Council said: “The council does not set the level of business rates payable as the rateable value is set by the Valuation Office Agency and the multiplier which calculates the amount payable is set by Government.

“The council’s business rates team provides support and advice on all reliefs or payment options available to businesses.”

A spokesman from the Valuations Office Agency said: “Business rate bills are calculated based on valuations that are produced impartially by the independent Valuation Office Agency and this is the case across the country. Anyone who thinks the information the VOA holds on their property is incorrect can use our online service to check and agree their details.”

The store will close on Saturday.