What's a BID?
The first BID in the UK was formed in January 2005. Since then, over 300 BIDS have been established in the UK and the number is growing steadily. In her report to Government on the state of Britain’s high streets, Mary Portas identified BIDs as key players in the transformation of those places where they operate.
The BID mechanism allows for a large degree of flexibility and, as a result, BIDs vary in shape and size. Legislation enabling the formation of BIDs was passed in 2003 with subsequent regulations published for Wales in 2005.
A BID is a business-led and business-funded body formed to improve a defined area. The benefits of BIDs cited by the businesses they represent are wide-ranging and can include:
- Businesses decide and direct what they want in their area
- Businesses are represented and have a voice in issues affecting their trading area
- BID levy money is ring-fenced for use only in the BID area
- Increased footfall and spend
- Improved staff retention
- Reduced business costs
- Enhanced marketing and promotion
- Looking at infrastructure, pollution and movement
- Guidance in place shaping vision activities
- Facilitated networking opportunities with neighbouring businesses
- Assistance in dealing with the Council, Police and other public bodies