SHOPKEEPERS already hit hard by the recession have said a potentially massive increase in their business rates could see many of them going under.

Retailers in Queens Road, Buckhurst Hill, received a letter out of the blue from the Valuation Office telling them their rates were due for a big rise with some stores set to pay more than double what they were before.

Barry Hurst, who owns Arabesque fancy dress shop, has helped organise a meeting of traders after he found out his rates were set to rise from £12,000 to £18,500 a year.

He said: “I just don't know how or why they've done it. We rent as most people do down here and that's already high. You can't just keep putting your prices up. People will just go somewhere else.

“Everyone will complain about an increase but when it goes up a few percentage points you'll pay it because you know you've got to, but this is too much in one hit. We've had people in tears over this.”

The Valuation Office has said the large increase is necessary because the rates have been undervalued for some time.

But some shopkeepers have said such a large increase could put them out of business.

Michael Matthews, owner of Fenton Flooring and Ceramics, said: “It's gone up from £420 to over £950 a month. That means I've now got to do an additional £2,500 of work a month just to cover the rate rise.

“If I was honest I can say I'm going to have to think about my position in the road and whether I can stay here. We've been here since 1959.

“I just think it's a bad time for them to start putting rates up to that extent.”

Gloss hairdressers' owner Georgina Allen said her rates had also doubled.

She said: “This is the one thing that could tip us over the edge. We are working harder and harder for less money. I don't understand it- they should be helping small businesses. I think it's disgusting, I don't know how they can justify it.”

Queens Road businesses are due to meet with valuation officer David Jackson tomorrow (October 20) at 6pm in the Waitrose offices.

A spokeswoman for the Valuation Office said: "The VOA is obliged to maintain an accurate list of rateable values, which are based on rental values.

"New evidence came to light that meant we were duty bound to review rateable values in the area and update some of them. We realise this may not be welcomed by the businesses affected but we have to work in a consistent way for the sake of fairness and we are trying to ensure that these changes are understood."