British BIDs announces a momentous milestone for the Business Improvement District (BID) industry across the UK and Ireland as it reaches 300 BIDs.
Last Friday, businesses in Penrith industrial estates have voted favourably for the creation of a BID, a ‘yes’ vote which marks a total of 300 BIDs for the growing industry.
The first BID was established in England in 2005 and, since their creation, have gained widespread national attention across the country.
A BID is a business-led organisation aimed at improving a commercially defined area. Businesses within that area take part in a formal ballot which determines whether a BID is implemented in that area, and whether money can be spent.
There are varying types of BIDs across the UK and Ireland that deliver a number of regeneration plans, ranging from town centre through to commercial BIDs. The first Welsh BID was formed in 2006. 2013 saw the first BID to be created in Scotland, and Northern Ireland followed shortly behind in its footsteps with the first BID being developed in Northern Ireland in 2015.
BIDs have gained Government backing over the past decade, with the introduction of the BID Loan Fund, introduced in 2013 by the Ministry of Housing, Communities and Local Government. In 2016, the Mayor of London also achieved his pledged target to support 50 BIDs in London.
Commenting on the BID industry reaching 300 BIDs, CEO of British BIDs Chris Turner said:
“Business Improvement Districts are a powerful way for all the businesses in an area to invest for the future, to have safe and secure streets, to have clean streets, to have new businesses and to market themselves to the world. They allow businesses to have some control over their own futures in a turbulent world. We welcome the 300th BID into the national community.”
Penrith Industrial Estates BID will run from 2018-2023 and covers three industrial estates; Gilwilly Industrial Estate, Penrith Industrial Estate and Eden Business Park.