To create a destination town with a strong and sustainable future which is vibrant, lively and welcoming where businesses, shoppers and visitors feel safe and secure.
What is a BID
A BID is a Business Improvement District. BIDs are part of the Government’s long-term strategy, along with ‘Town Teams’ and the Mary Portas Review to encourage partnership working between a Local Authority and the business community. A BID is a defined area within which rate-paying businesses decide on new improvements to help transform their area – and then vote to agree on the investment. This money is then ring-fenced to provide the improvements agreed through the BID strategy. There are over 300 BIDs in the UK now with many now in their second term, some in their third. The majority of these had a greater turnout and an even greater vote in favour than the first time of voting. They see improvements to business profitability and turnover which would not have happened without a BID.
Essentially a BID is designed to be for the businesses, controlled by the businesses to encourage growth and business improvement.