In January 2004, the Government brought BIDs to the UK. Over a decade later, they’re widely credited for reversing the decline of the British high street.
Hundreds of BIDs have now been established in the UK and all have a common objective – to increase footfall, increase business performance and improve profits.
Funded primarily by the businesses within the BID area, every business involved benefits equally, with smaller businesses paying less, larger businesses paying more but everyone contributing the same small percentage.
From these many contributions a significant fund is built up, which has the power to make a real difference to the things that matter to you, the levy payers.
BIDs last three or five years and their success lies in their renewal rate; the vast majority get renewed, usually with an increased turnout and majority.
The Portas Review…
Retail expert, Mary Portas, reported to the Prime Minister on ‘How to Save Britain’s High Streets’, praising BIDs as ‘a step in the right direction’ because they put power in the hands of local businesses. You can download the full Portas Review here.