The Wimborne Business Improvement District (BID) is a business-led initiative
to invest money into the local economy of a town.
What is a BID?
A Business Improvement District (BID) is a partnership between a local authority and the local business community to develop projects and services that will benefit the trading environment within the boundary of a clearly defined commercial area. At present (April 2013) © 200 Business Improvement Districts have been established across England, Wales and Scotland (see www.ukbids.org for current numbers). Most BIDs are currently in town centres although there are already BIDs established in industrial estates.
Benefits of BIDs
Everyone / The Community
- Produces economic well being and economic growth in area
- Attracts inward investment
- Gives competitive regional advantage
- Produces social well being / improves quality of life
- Develops partnership between private & public sector
- Encourages corporate social responsibility
- Provides sustainable investment for ongoing capital projects/services
- Creates a positive sense of place and enhanced feeling of safety and well-being - provides community pride
Business / The Occupier
- Increases footfall
- Increases consumer spend and sales - can lead to increase in profits
- Reduces costs (crime reduction, joint activities, e.g. promotions/marketing)
- Is flexible to address the issues of individual sectors
- Gives businesses a local voice
- Creates more appealing environment for employees
- Fair to smaller businesses
- Fair system, those that invest, benefit, no freeloading
- Can decide and vote for action before making the investment
- Can control process, monitor results and terminate it easily - flexible.
- Harnesses private sector management / organisational drive and skills
- Promotes greater understanding of the role of LAs
- Provides new, sustainable investment and doesn't detract from other resources
- Has commercial support
- Assists capital value growth
- Increases rental values of property area
- Increases an area's desirability and attracts occupiers
Increase in trade which affects turnover based rents (some retail)
- Could help properties away from main footfall areas
- Good PR for companies locally and regionally
- Forges positive links with local Council.
Contact the BID
Company number: 06955886
Registered address: C/O Thomas and Woolven, 6 Poole Road, Wimborne, BH21 1EQ
VAT registration number: GB 191720411
© Wimborne BID