What is a Business Improvement District (BID)?
A BID is a legal body, a non-profit making entity, with the aim of making improvements to a particular area of the industry and the trading environment, funded and operated by businesses. A BID is always established via a balloting process, whereby all relevant businesses are entitled to vote on proposals such as this one, to decide whether or not they will go ahead. The ballot is successful if the following two conditions are achieved:
- There is an outright majority amongst voters
- There is a majority in the Rateable Value of voters
- At present, UK BIDs are operating in Orpington, Bexleyheath and Bromley
Why a BID in Sidcup?
Sidcup is a highly desirable area for residential and commercial investment. The existing business community is best placed to make decisions on how to add value and protect their interests. A BID will empower the business community with over £157k of additional annual funding to reinvest in the area.
View our Business Plan
What exactly will a BID do for Sidcup?
- Provide the business community with a dedicated manager who will be employed by the business community to serve their interests
- Put on events to encourage shoppers to the high street
- Create regional branding giving all local businesses an improved online presence and a greater platform of advertising
- Create joint buying power thus saving businesses money through joint procurement of goods and services
- Liaise with the Local Authority directly leading to saving businesses time and money regarding licensing, planning, waste management, street repairs and any other issue related to legislation or statutory operational duties
- Independent governance without Local Authority interface
- Additional security as and when required
"We know that a successful BID will make Sidcup a highly desirable area, creating a new identity for the town that will boost the local economy and environment, making the town an attractive place to live, work or indeed study."Andrew Scanlan, Head of Development, Rose Bruford College
How do I find out more?
Send an email to email@example.com or call 07761 724 830 for more information
What area does the BID cover?
Stay up to date with the BID